Most banks today offer online and mobile banking services which provide account holders with a lot of extra benefits and increase the ease of banking. Mobile and online banking allow you to bank wherever you are, whenever you want, and quickly take action on all of your financial needs. This includes things such as viewing account balances and transactions, categorizations to track spending and savings, transferring funds between accounts, activity alerts, mobile deposits, and so much more.
What are the Benefits of Online and Mobile Banking?
There is a long list of advantages that come with taking advantage of online and mobile banking, and it has become the primary form of banking for most account holders today. Here’s why:
1. 24/7 access — No longer do you have to rely on bank branches that have set hours and limited locations. Mobile banking gives you access to your account(s) at any time day or night. Transfers between accounts will only go through during regular business hours, but you can still submit a transfer request at any time. Plus, this easy access saves you an incredible amount of time.
2. Quick payments — Most banks connect securely with Zelle, which is the fast, safe, and easy way to move money. If you owe a friend for lunch, you can pay them back directly through your mobile banking app in minutes rather than using cash or a check. You can make payments to anyone you need to for any reason, you simply need to know their email address or phone number.
3. Better money management — Mobile banking apps have grown increasingly effective at helping you manage your money. Many apps include algorithmic features that help you identify opportunities to save money, send alerts about overdraw risks, categorizations to track spending, and more. This automatic organization is a great way to make sure you’re using spending and saving your money in the most ideal way.
4. Greater control — Not only can you use your mobile banking app to make check deposits and transfer money, but apps have become more sophisticated in the amount of control you have over your accounts and cards. For example, you can easily activate a new debit or credit card, be alerted of suspicious activity within minutes, and even “lock” a card if it is missing or stolen and easily turn it back on if it’s recovered. You no longer need to call a toll-free number or deactivate and order a new card to eliminate the risk of another person fraudulently accessing your accounts.
5. Credit monitoring — An important part of managing your finances is remaining aware of your credit score and monitoring your credit report. The latest mobile banking apps and online banking allow you to access your credit score and report and look for any key changes. For example, at Republic Bank of Chicago, we have a feature called Credit Insights that provides free access to your credit score, finds savings opportunities on existing and new loans and credit cards, and monitors other factors that influence your credit.
Do’s and Don’ts
Security is everything when it comes to banking and managing your money. Here are a few tips for staying safe online.
DO:
- Get the latest anti-virus software and update your internet browser.
- Create strong passwords.
- Use different passwords for each of your online accounts.
- Change your password on a regular basis.
- Learn to spot fake emails and websites.
DON’T:
- Share your login credentials or passwords.
- Click on links in unsolicited emails or text messages.
- Let your browser store your login or account information.
- Give an unsolicited caller remote access to your computer or mobile device.
- Download programs or apps that look suspicious or come from sites you do not know.
For more information about online and mobile banking with Republic Bank, visit our website or give us a call at 800-526-9127.
