More and more, people are going mobile. At the end of 2014, 81 percent of the adult population in the US had a mobile phone, and 71 percent of those people had a smartphone, according to the Federal Reserve's Consumer and Mobile Financial Services report. As more and more people use smartphones, more and more are using their phones for daily activities, such as banking. The Federal Reserve's report found that 52 percent of smartphone users had used mobile banking or a banking app in the last 12 months. If you've been on the fence about using a banking app, there are a few reasons why it can be worth your time to give one a try.
- Check Account Anytime. Have you ever worried that you miscalculated and that you have less in your bank account than you thought? Or, have you ever been at the register, about to swipe your debit card, only to pause and worry that you don't have enough in your checking account to cover the purchase? With a banking app, you are able to log into your account, anywhere you have a mobile data connection or Internet connection, and make sure you have enough money to cover a purchase or to make sure that a check or direct deposit has arrived and cleared.
- Transfer Funds or Pay Bills. Another reason to use a mobile banking app is that it lets you transfer money from one account to another (such as from your savings account to checking) and schedule bill payments. Once you create alerts on your desktop, your app will notify you. Then you won't have to worry about scrambling to pay a bill on its due date or about rushing to get a paper check and bill to the post office before it closes.
- Deposit Checks On-the-Go. One particularly useful feature many banking apps offer is mobile check deposit. With the feature, you endorse a check, take a picture of its front and back with your phone, and wait for the funds to post to your account. There's no need to send in the physical copy of the check to the credit union or bank or make a trip to the credit union to see a teller. It's recommended that you hold onto the deposited check for 30 days, after which you can void it and destroy it.
- Apps are Secure. Banking apps are safe and secure, as you need to enter your account information and password every time you log in. Accessing your account information on your smartphone might also be more secure that accessing it online, as the BBC points out. There are fewer viruses and malicious programs that go after smartphones than after computers. That said, you still want to play it safe. If you have mobile banking on your phone, you can further protect your information using a PIN or passcode to unlock your phone. When you install the app, make sure it's the official one from your credit union or bank, not a fake one created by scammers. Look at who produced the app, check out its reviews, or download it from your bank's website, to make sure it's the real deal.
If you're ready to bank on your own schedule, deposit checks on the go, or keep tabs on your account, check out the free* app from Coosa Valley Credit Union, available for both Android and iOS devices. Contact us today if you have any questions about the app or its features.
*There is no fee from Coosa Valley Credit Union. Connectivity and usage rates may apply. Contact your wireless service provider for more details.