The Benefits of Mobile Banking

Following is a guest post. 

When it comes to banking, time and convenience are top priorities for busy families. Thankfully, life in the Digital Age does provide time-saving, convenient advantages. Take banking, for example. In the not-so-distant past, debit cards and ATM machines were relatively unheard of. Today, we can deposit or withdraw money with the push of a few buttons, and we can shop, bank and more in the privacy of our own homes. What’s more, banks and financial services companies are making banking more convenient than ever before.

With mobile banking apps, we’re able to conduct our financial business pretty much anywhere, quickly and hassle-free. 

 What is Mobile Banking?

In a nutshell, mobile banking means that we can manage our checking or credit accounts from any location, simply by using our mobile browsers or downloadable applications. It’s a lot like banking online from a computer, except with the mobile versions, you can take your information with you when you leave home.

Here’s how it works: First, if you haven’t already, set up an online account with your bank or credit card company. If you’re using a mobile browser, log into your online account. Browse around the site, check out all the features, the terms of service, the FAQ and, if you have any additional questions, contact a customer service representative.

For smartphone users, you may want to consider downloading a mobile banking application. These apps are easily downloadable, and will keep all your banking information in one place, right at your fingertips. As with banking on your mobile browser, you can access your apps through your cellular network or a wireless internet connection.

Keep reading to find out more about mobile banking, including the ways it can make your life easier!

Convenience

For busy moms and dads, convenience is probably the number one advantage of mobile banking. Check out these mobile banking benefits offered by major financial institutions, each of which will save you time and simplify your day:

1. View your recent and pending transactions, as well as all recent activity. The days of calling your bank or worrying over pending transactions are over.
2. View a summary of your accounts, including your checking or savings balance.
3. Set up repeating or one-time payment transfers. This feature is a great option when it comes to paying car payments, insurance, mortgages and other monthly bills. Plus, in most cases, payments can be made in as little as 24 hours after scheduling.
4. View or make changes to scheduled payments or transfers. This feature allows you to see all your paid and scheduled payments in one place, as well as cancel payments or alter scheduled transfers.
5. Send and receive money from other personal accounts.
6. Deposit checks via photo. Lots of banks are offering this super convenient feature. To use it, simply select an account, enter a deposit amount, and upload front-and-back photos of your check. Confirm your deposit, and you’re all set!
7. Find an ATM. No more driving around town looking for an ATM that won’t charge a service fee. Most mobile banking apps offer features which allow you to find an ATM by simply viewing a map or entering a street address or zip code.
8. Receive alerts. Lots of mobile banking apps offer a variety of updates and alerts, including those that let you know when a deposit has been made or if your balance is low or overdrawn.

Security

For many people, security is a major concern when it comes to mobile banking. Thankfully, most banks provide optimum security through passwords, personal identification numbers and the like. Plus, many banks offer security guarantees and other features, which offer added protection to mobile users.

To optimize security, the FDIC recommends tips like the following:

• Always use a secure Wi-Fi network. When it comes to making mobile transactions, you should probably avoid public networks like those found in coffee shops and restaurants.
• Use your phone’s security features. In the event your phone is lost or stolen, your bank account could be compromised. However, by utilizing your mobile phone’s security features, such as password protection, you can help protect yourself from theft or fraud. Choose a strong password or PIN, and change it periodically.
• Act quickly. If your phone is lost or stolen, don’t hesitate to notify your bank. This will help in the prevention or  resolution of any unauthorized banking transactions. Also, since many wireless service providers offer security features in the event of a lost or stolen phone, you should contact them quickly as well.
• Sign up for safety alerts. Most mobile banking apps offer a safety alert system, so be sure to take advantage of these features.