How Online and Mobile Banking Can Add Time Back into Your Day
Online and mobile banking allow you to complete everyday banking tasks with a few clicks from a computer or smartphone app. Some people may be hesitant about changing how they bank, but with all of the different features, you can save a lot of time and effort.
Here are some of the benefits of online and mobile banking.
Check Your Balance and Statements on the Go
With mobile banking, you can log in and check the details of your bank accounts at any time, wherever you are. Millennials, in particular, are fond of this option and have been recorded as accessing their account on mobile apps almost three times more often than other generations. Checking your accounts allows you to see your balance and pending transactions at a glance so that you know for sure if you can pay for something without overdrawing your account.
At this point, you may be wondering about security and identity theft as people have cited security concerns as a primary reason for avoiding online and mobile banking in the past. While your own banking practices should always be secure, today's banks are well-versed in offering top protection for your data.
Checking your accounts also allows you to review your banking statements and recent transaction history in real time. This is an excellent way to check if anyone else is making unauthorized purchases using your account information, no matter where you are. You can set up account alerts to notify you of account activity, so you can quickly address any suspicious transactions.
Deposit Your Checks from Home
The majority of mobile banking apps allow you to deposit physical checks, saving you a trip to your local bank branch or ATM.
The process is simple: endorse the check as usual and add any extra information that may be required — typically a note stating that it's for a mobile deposit. Then use the banking app to snap a picture of both sides of the check, input key check data, and wait for it to process. Remember to hold onto the physical check for a couple of weeks in case there are any issues.
If the majority of your trips to the bank are to deposit checks, you can easily see just how much time mobile deposits can save. However, note that there are often caps on how much you can deposit this way within a certain time period.
Transfer Funds Between Accounts Fast
Online and mobile banking also allows you to transfer funds between different accounts held at your bank. This is particularly useful if you notice that your account balance is low and you have automatic payments or a recent purchase that may overdraw your account. Now you can quickly transfer money and prevent any problems. This also helps you gather up extra funds for a particularly large payment, such as a down payment on a car.
If you want to send money to people you know and trust, you can do so with Zelle®, which allows funds to be sent and received from one bank account in the U.S. to another, using only a recipient’s email address or U.S. mobile number.
Use personal financial management tools like HelloWallet to help manage and track your expenses. This will allow you to keep track of the transfers and changes you make because information will automatically update in your financial app to save even more time and avoid any potential confusion.