In today’s world the ways we can spend our money is only limited by our imagination. Since banking has advanced with the rest of us into the technological age we have access to more advanced money management options than ever before. Recently, I switched to a bank that offered mobile and online banking as main features. Here are some reasons you may want to consider making a switch to the mobile banking trend.
One of the best things I’ve found about mobile and online banking is the ease of access. You can check your balances, transactions, and amount from the comfort of your own home. There’s no more driving to the bank or calling an automated system to check your balance. The information of your latest transactions is right at your fingertips.
Know Your History
If you’re an unorganized person like me then you’ve probably struggled with keeping all your banking statements and papers in order. This can be a huge stress when it comes time when you actually need them for taxes or other purposes. With mobile or online banking it’s a breeze to look up your record of transactions and activity. Since your purchases show up immediately, the total amount is changed accordingly and is available right away. This type of banking also gives you the choice of keeping hard copies of your statements. If you don’t feel like printing them out you can rest assured that your information is only a click away.
One of the things that used to bug me the most about my bank was the hours. If I woke up late on Saturday then I was out of luck and had to wait for Monday to interact with my bank. Thanks to mobile and online banking I have great service and access to my funds around the clock. Along with 24 hour account access, most banks now offer round the clock technical support as well. This way no matter what time it is, if something goes wrong someone will be there to help you out in your situation. These conveniences are something that most traditional banks do not provide.
With all the tech smart criminals we have and a seemingly easy to break security code on most websites, it led me to question how safe mobile banking actually was. If my hard earned money was going into this account then I wanted it to be completely safe and protected. What I found was that my fears far surpassed the actual risks associated with mobile banking. The financial industry spends a large amount of money annually on security technology. According to Steve Furman, Discover Card’s director of e-business, “the likelihood (of fraud) is no greater than using your desktop browser.” Many banks now also offer protection in their policies and provide refunds for your money being used without your permission or knowledge.
Many banks now offer exclusive perks to those that choose to use their online or mobile banking options. Some of these things can include raised limits, cash back for certain purchases, and often less or no fees for transactions. My bank gives me all these options and deposited $50 in my account just for signing up. Not only will you be happy with your bank but you’ll receive some cool advantages as well.
While the pros generally outweigh the cons, there are also some disadvantages that you should consider when thinking about mobile or online banking. Some of these include:
- Risk for receiving scam text or email-alerts.
- Losing your mobile device or leaving your computer unattended lets others potentially access your financial information.
- Many apps only work with newer versions of phones and you may need to purchase a newer device to use them.
- Rarely, a website or app may crash and until it is fixed it may leave you without access.
If you’ve decided, like me, that the good outweighs the bad, then online and mobile banking may be for you. Talk to your current bank to find out if they offer these options or browse online to see what banks in your area do. With a simple setup or switch you’ll be on the way to simpler, high-tech banking.