Are You Taking Advantage of Mobile Banking?
See all of our options to connect with your money through technology!
Most people have a checklist they go through before they leave the house. Is the stove turned off? Are the doors locked? Do I have my wallet, my keys and my cellphone? The only thing that has changed about that process in the last few years has been the addition of that last item on the list.
Today, 91% of Americans have cellphones and 61% of them have smartphones. This is a remarkable change from even two years ago. More than half of the people you see every day are carrying a computer that dwarfs the most powerful computing technology that was available a decade ago. It’s also connected to all of the world’s information, literally at our fingertips.
Besides being able to “google” the answer to your friend’s latest random question, you can access your finances right in the palm of your hand. Let’s look at four scenarios where mobile banking can save you some time … and even some money.
- Say goodbye to security woes
Despite all of the data breaches that have been in the public eye over the past few years, no one has figured out how to compromise mobile devices as a platform. Security leaks have affected PCs, Macs and point of sale terminals, but no widespread security vulnerability has compromised mobile banking. Despite the fear, mobile banking is actually a fundamentally secure platform.
The first reason for this is the plurality of platforms. You and your neighbor may not be able to share cellphone chargers, much less apps or other experiences. This diversity makes it difficult for a single vulnerability to affect many users. Since there’s less possibility of large scale attacks, hackers have very little incentive to dedicate time toward trying to compromise mobile platforms.
The second reason for this is the tight control placed on mobile devices. Because these devices have to send regular usage information back to your mobile provider, they tend to be far less prone to modification. There’s just not as much you can do to an iPhone or an Android as you can to a PC. While some users might override those protections, such modifications are not widespread enough to justify attempted infiltration.
Mobile banking is secure and safe. Data transmitted from your cellphone to your provider is heavily encrypted. If you lose your phone, it can be remotely deactivated and passwords usually aren’t stored on the device.
- You can check your balance any time
Rather than waiting for your statement every month or booting up that slow PC for checking your account balances online, you can view transactions while waiting for a bus or in line at a restaurant. You can stay vigilant against illegal account access any time you’ve got your phone and a spare few seconds.
The convenience of mobile banking can also keep you from making costly mistakes. If you know funds may be running tight, check your account balance while in the checkout line to make sure you can cover the cost of your purchases. You can see if your monthly rent check has been withdrawn from your account to avoid the costly fees associated with overdrafting. It’s easier than ever to keep track of your finances.
You can also help to prevent errors with mobile banking. Accidental overpayment, duplicate payments and other errors are a regrettable reality of the modern high-speed economy. By regularly checking your account statement, you can catch these pesky problems before they turn into big issues.
You can check your balance several ways at NETCU. You can simply log on to NET Teller through your phone’s browser, download our Mobile App for both Android and Apple devices, or text us and we will text your balance back to you! You can also sign up for a daily eAlert that will send your balance to you each day at a set time so you can be reminded without even having to ask.
- It’s where you’ll find the next big thing
Mobile check depositing is becoming more widely available and is already available at NETCU. Getting set up is easy. Simply contact your local member service rep and they will explain how to get started. If you can use your camera, you can deposit checks right from your cell phone! No driving or waiting in line required. Some limits do apply and there is a slight delay in funds availability. If you want more information, you can check out the Mobile Deposit Frequently Asked Questions.
- 24-hour-a-day instant access
Do you ever wake up in the middle of the night in a panic because you can’t remember if you paid your electric bill? Ever have a tiny freakout on the bus because you suspect someone may have accessed your account? Are money worries preventing you from enjoying your vacation? If you have these concerns and are nowhere near your computer, you could just suffer through them.
As an alternative, though, you could use a mobile app to check your balance and transaction history. See if your monthly bills have cleared. Make sure your balance is safe. You can do all of this any time you’ve got your phone, day or night.
Mobile banking won’t replace traditional, face-to-face interaction. There will always be a place in the credit union service standards for the human interaction. What mobile banking apps offer is a wonderful supplement to those high-quality services. If mobile banking doesn’t do something you need, wait six months. Someone will probably find an app for that.
Space-age convenience, top-level security, and blissful peace of mind are all available from your pocket, anywhere in the world.