More customers are taking advantage of mobile banking, and there are many reasons to utilize this technology beyond saving trips to the bank. Lori Tiede, E-Services Specialist at Plains Commerce Bank, talks about the best benefits of 24-hour mobile banking.
1. Prevent overdrafts
In 2014, the average overdraft fee was $30. Yet, according to the Consumer Financial Protection Bureau, 8.3% of bank customers overdraft more than 10 times a year. That’s a lot of money going toward overdraft fees.
One of the best ways to prevent overdrafts is to monitor your account balances. Keep your recurring expenses in mind and check to ensure they go through on time. When you can check your balances from anywhere, at any time, preventing overdrafts becomes an easy task.
2. Catch suspicious activity faster
Seven percent of Americans over age 16 had their identity stolen in 2014. This includes people who had their bank account information compromised.
By monitoring your bank account activity, you can catch and report any fraudulent activity on your account faster. Typically, the faster you report unauthorized charges, the easier it is for the bank to get the problem taken care of and hopefully help prevent future reoccurrences.
3. Monitor and improve your spending habits more easily
Monitoring where your money goes can help you analyze ways to spend less and save more. Just log onto your mobile banking app or mobile banking site to pull up your monthly transactions. It’s all right in front of you. There is no need to save receipts and check stubs throughout the month as long as it’s coming in or out of your bank account.
Categorize and organize your spending in a separate document. Then, go through your account and create a budget based on your current habits.
4. Make paying your bills on time a breeze
Not only can you access online bill pay (in most instances) through our mobile banking app, but you can transfer funds from your savings account to your checking account, or even deposit a check on the spot with the snap of a picture. This way you can ensure that you’ll have adequate funds to cover expenses.
5. Save time and gas
This one is fairly obvious, but if you add up the time and money you’d normally spend on trips to the bank, it can become significant.
The number of mobile banking users is expected to grow to 1.8 billion in four years internationally. Don’t get us wrong. Mobile banking is not replacing the need for the actual bank branch. In fact, mobile banking is supported by bank staff. It’s just makes life a little bit easier.
Sometimes, you’ll want direct interaction with your banker—especially when it comes to lending or big financial decisions. But it’s nice to have the option to not make the extra trip when you don’t need to.
How do I get mobile banking?
If you’re a Plains Commerce Bank customer, first you have to set up online banking in order to enroll in mobile banking. Mobile banking allows you to access your banking information via a mobile device through SMS (text messaging), mobile browser, or an app you download from Google Play or iTunes. Plains Commerce Bank’s mobile banking is secure, so your information is safeguarded.
Once you have mobile banking up and running, talk with your personal banker regarding any questions you have. Then be sure to leverage all the benefits mobile banking offers.