This video explains that cell phone banking is becoming more popular, and you do not even need a smart phone to do it. Simple phones will allow you to send and receive text messages regarding your account balance. Smart phones will enable you to transfer money, pay bills, and even deposit checks (provided that your bank has a mobile phone app). The video warns that you need to take precautionary measures, such as installing security software on your phone, to ensure that your account information does not get stolen.
Banking through your phone allows you
to easily check balances and make transactions literally anywhere. No longer
are you tied down to a home computer or forced to make a drive to the nearest
branch/ATM just to keep a handle on your finances. Now it is at the tip of your
fingers. However, it is extremely important that you are careful when using
your cell phone to do banking, because someone could get access to your money
and use it without your knowledge. It is far better to play it safe than be
sorry later.
Banking is now quicker and easier than
ever before. You just have to be very careful when handling such personal
information. Try it if you like, and see what it can do for you.
READERS, what do you think?
If you already use your cell phone to
do banking, do you like it? Why or why not?
Do the risks associated with banking
by phone outweigh the benefits? Why or why not?
*Courtney Caudill is an undergraduate student with UK Department of Family Sciences
References
Daugherty, G. (2012, October 2).
Banking by phone. [Video file]. Consumer Reports. Retrieved from http://www.consumerreports.org/cro/video-hub/money/other-money/banking-by-phone/14037629001/870621001001/
I currently use cell phone banking and I enjoy it. I think it is very easy to use and it is much better for me to do my banking straight from my phone rather than having to drive across town to the bank. There are risks associated with banking by phone and I am aware of the risks. I think that the benefits outweigh the risks because it is very rare that people can get into your account if you are careful. It is important to have alerts on your bank account and to have difficult passwords so that people cannot get into your account or get a hold of your information.
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