With the
majority of Americans having smart phones and ours being such a mobile society,
most banks have their own smart phone app. This allows customers easier access
to their bank accounts. The most common feature on mobile banking is the
function to allow consumers to check their account balances and transaction
statements 24 hours a day. Another good feature on mobile banking apps is being
able to pay bills and transfer money to different accounts.
Some bank apps allow
you to deposit checks to any of your accounts by taking a screenshot of the
check (front and back). The bank receives the image of the check and processes
the transaction. If you plan on using this feature, make sure you read the fine
print of your bank’s mobile banking policy to see if there is a fee to deposit
checks through the app. Also make sure you know how soon the money will be
available to you in your account, especially if it is an out-of-state check.
Most banks have
an alert system that will notify you via text message regarding your account
activity. If you sign up for bank alerts, you may be able to detect if someone is
stealing money from your account. Instant notification of activity helps you take
immediate action. Some mobile banking apps even offer rewards such as shopping
discounts and deals from retailers where you shop frequently.
A word of caution:
Keeping your phone passcode protected makes your mobile banking more secure.
Also, in the app, make sure you never have the “save my user ID” feature on; doing
without that “convenience” makes it harder for criminals to access your bank
account information if something were to happen with your phone.
If you do lose
your phone, be sure that it is traceable and cannot be used by anyone else. If
you are an iPhone user, then you should have the “Find My iPhone” app; this
enables you to lock your phone remotely, making it useless for whoever finds
it. See if you can put a PIN lock on specific apps on your phone, which will
give your bank information more security. If this service is available to you,
however, it might cost extra.
Make sure all of
your bank apps are updated because criminals can easily hack into your outdated
banking apps. It is also important that you check to see if your bank account
can only be linked with certain devices. This will make it harder for hackers
to access your bank account.
READERS,
what do you think?
1. Do you use your bank’s mobile app? If so,
do you like it? Are there any drawbacks that you see?
2. What do you usually use your mobile bank
app for?
References:
Davis, G. (2013, March 8). Pros and Cons of
Mobile Banking. McAfee Labs. Retrieved
February 11, 2015, from https://blogs.mcafee.com/consumer/consumer-threat-notices/pros-and-cons-of-mobile-banking.
Gerstner, L. (2015, March). Make the Most
of Mobile Banking. Kiplinger.com. Retrieved
February 9, 2015, from http://www.kiplinger.com/article/credit/T005-C000-S002-make-the-most-of-mobile-banking.html.
Huddleston, C. (2014, January 9). Why You
Should Try Your Bank's Mobile App. Kiplinger.com.
Retrieved February 9, 2015, from http://www.kiplinger.com/article/credit/T005-C011-S001-why-you-should-try-your-bank-s-mobile-app.html.
