Mobile Banking
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What is Mobile Banking?
Now that you're all set with a bank account, you'll want to use all the tools available to make sure you can track that hard-earned money. The easiest way for even the busiest person on the go is to download your bank's app onto your smartphone—it's free and you'll have access to your banking information right at your fingertips.
How does mobile banking work?
Many banks have apps you can download onto your smartphone or tablet, allowing you to access your bank account with just a few clicks. You can track your spending, pay bills, and make sure that any deposits you're expecting went through. While you cannot make cash transactions on the app, you can deposit checks with your phone by using the camera. That's a saved trip to the ATM!
What are the benefits of mobile banking?
While banks have opening and closing times, you can access your account 24 hours a day, seven days a week with mobile banking. You're also not going to have access to a computer at all times, so it's handy to have access to your money from your smartphone. Finally, you can set up alerts from your bank if there's suspected fraud, such as someone using your account without your permission, by text, phone call or email. You can also set up alerts if your account goes below a certain amount.
Mobile banking vs. online banking
The great thing about technology is the different ways we can use it. With your bank account, you use a computer to log into your account or check on things with your smartphone. Typically, your account on your computer will be more comprehensive with more options, but the app can be just as good with all the features that you need. The bank may also set limits to how much money you can deposit in a day on the app.
Is mobile banking secure?
The apps for banks are very secure, thanks to the safety measures put in place by our smartphones as well as the banks that created the apps. However, this doesn't mean mobile banking is 100% safe. You should always practice safety when accessing your bank account, such as using strong passwords and not clicking on links that don't seem trustworthy.
While banks do their best to make sure mobile banking is secure, there are extra ways you can keep your money safe:
+ Do not use the same password for all of your accounts; this makes it easier for hackers to access your banking information. Use unique passwords with different numbers, symbols, uppercase and lowercase letters.
+ If the app allows it, set up Face ID, your fingerprint, or a personal identification number (PIN) to open your account.
+ Do not share your password, PIN or account information with anyone, especially by text or email.
+ Avoid mobile banking when you're on public Wi-Fi, such as at a coffee shop.
+ Set up alerts with your bank in a way that is most convenient for you, whether it's a text alert or a phone call. This way you'll never miss an important message.
+ If you lose your phone, contact your bank immediately to ensure your account is not compromised.
From: majority.com
