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Time to Try Mobile Banking?

January 26, 2017

We recently shared the following information with the Bozeman Chronicle for their "Road to Financial Success" publication.  If you missed it there, read on!
  
Fifty-three percent of Americans with smartphones now use them to manage their money when they can’t conveniently get to their bank. The most common activities are reviewing balances or recent transactions, transferring money between accounts and receiving alerts from the bank. Alert options might include when a paycheck is deposited or when a large transaction is debited. Half of all mobile banking users even pay bills using their smartphone or tablet.
 
Availability of mobile banking is now widespread, and like First Security Bank, most offer the option for free.  There may be a fee for special services—like rush payment delivery, so check with your financial institution to see what may apply to you. As always, message and data rates through your wireless carrier may apply.
 
How Does It Work?
If you already bank online with your home computer, adding mobile banking is easy. Begin by downloading the bank’s mobile banking app directly from your devices app store. You may be asked to register your phone as an added layer of security against internet threats.

Using First Security Bank’s Apple iOS or Android app as an example, you’ll find the same options available on your mobile device as through desktop online banking. To pay bills, you create payees and schedule payments just as you do from a desktop. Transferring money between accounts and reviewing transaction history are just a few taps away on the menu. Account statements and check images are available for viewing, and you can even reorder checks and stop check payments.

In addition, modern smartphone technology allows you access to time-saving tools such as mobile deposit and the convenience of fingerprint login.  By replacing a trip to the bank with a few clicks, depositing a check with your phone is one of the leading time savers today. Specific steps will vary between apps, but you will generally endorse the check as usual, select “Deposit Check”, and follow prompts to choose the destination account and deposit amount. Using your device’s camera, snap the front and back of the endorsed check and submit it.
           
Security Precautions
The financial industry has made a heavy investment in security technology for mobile banking.
To add more protection:   
  • Use strong passwords that include uppercase, lower case, special characters and numbers.
  • Always login (or use TouchID / Fingerprint Login) to access your account. Do not automate this step or allow the web browser to remember passwords.
  • Enable the passcode and auto-lock features of your mobile device.
  • Immediately notify your bank if your phone is lost or stolen.
  • Consider turning on Apple Find My iPhone or Android Device Manager. Check with your wireless provider about additional features that may allow you to remotely erase content or turn off access to the device if necessary.
  • Only use secured Wi-Fi networks that you trust.
  • Be wary of unsolicited emails or text messages that appear to link to a financial institution’s website. Independently verify the source email address, link destination, or phone number. This will help you avoid phishing scams.
 
The web site www.consumer.ftc.gov has more tips on online and mobile device security. By taking these simple steps, you can enjoy the convenience of managing money from anywhere you’re connected.
 
 

Posted in: checking, mobile