I’m a generally lazy person, so anything that allows me to do work from home is a winner in my books. The internet, and mobile banking are 2 of my favourite things invented recently. If you’ve always paid your bills by check or in-person, mobile banking may be a foreign concept for you. Likewise, you may not fully trust mobile applications with your personal finances. This is perfectly understandable, as we tend to shy away from things that we do not understand. However, using a mobile application to better manage your personal finances can be a godsend – especially if you are busy and always rushing.
Rather than shrug off mobile banking as a fad or simply “not for you,” discover the benefits and perks.
1. More ways to access your bank accounts
Signing up for online banking is an excellent way to monitor your bank account and pay bills online. But with online banking, you need access to a computer or a laptop, plus a reliable Internet connection. This way of banking can work if you are home or at your place of employment. However, it limits how often you are able to check your account.
Truthfully speaking, you may need to monitor your accounts when you are away from a computer. This is one key benefit of downloading your bank’s mobile app. With the app on your smartphone or other mobile device, you can sign onto your account whenever, wherever. Whether you are out of town, at a retail store or sitting in your car, you can check your balance and transfer money.
2. Reduces trips to the bank
If you are paid every 1st and 15th of the month, going to the bank can take a chunk of your free hour. Because other employees receive their checks on these days, the line to deposit money at the bank may wrap around the building. This can certainly test your patience. But if you download your bank’s mobile app, this creates an easier way to make your bi-weekly deposits.
Nowadays, just about every bank and credit union has an option that lets its customers deposit checks from a mobile device. For this to work, you have to download the bank’s mobile app to your smartphone or tablet computer. Afterwards, simply log onto your account from the device, enter how much you want to deposit, and then take a photo of the front and back of the check. In a few clicks, you can deposit your paycheck into a checking or savings account, and avoid the bank altogether.
3. It’s free
While your bank may charge a monthly fee for a checking or savings account, it is free to download their mobile app. Search for the app in your devices’ application store, hit download, and within a couple of minutes, you can fully access your account from the palm of your hand.
4. Not just for checking or savings
If you have a checking or savings account with a bank or credit union, adding the mobile app to your phone or tablet allows for easy account management. However, mobile apps are not only for checking or savings accounts. If you have a credit card through a bank, the mobile app is excellent for keeping tabs on your balance and due date.
For example, download the Discover Bank mobile app, or the ING direct mobile app, and you can view recent transactions, your most recent statement, your due date, as well as schedule a payment. With this tool, you’ll never miss another due date.
5. It’s safe
There is always the risk of identity theft when you manage your personal accounts electronically. Someone can hack into your home computer and install a virus that keeps a record of your keystrokes. With this information, they can log into your accounts and swipe your personal information.
Understand, however, that it is much harder for a hacker to install malware on a smartphone. Therefore, managing your expenses with a mobile app can be safer than managing expenses on your computer a laptop.
6. 24/7 service
If you only rely on online banking, any interruptions to your power or Internet connection impacts your ability to monitor your personal accounts from a home computer. For this reason alone, it is smart to have the mobile app on your smartphone.
As long as you pay your cellphone bill, and you are in an area with cell reception, you always have access to your accounts. Therefore, you do not have to worry about a late payment if your home’s Internet connection is down and you don’t have a way to access your bank’s site from the desktop.
Cellphones are more than just mechanisms by which to place phone calls or listen to voicemail. Whether you use a smartphone or a tablet, downloading your bank or credit card’s mobile app is an effective way to keep your money on track. Rather than fear this new technology – embrace it. It is safe, easy, practical – and most importantly, free.