What Services Are Offered on Mobile Banking?

B. Miller

The services offered on mobile banking are unique to each financial institution, though there are some fairly common ones that are offered to customers of a number of different banks. Some of the most common mobile banking services include the ability to log into a bank account using a smartphone in order to check balances on different accounts, or even to transfer funds. Account alerts are also widely available, which send a text message to the account holder's cell phone for particular types of banking activity; for instance, if a deposit or withdrawal is made, or a charge to a credit card occurs.

Mobile banking services can be accessed via smartphone.
Mobile banking services can be accessed via smartphone.

The idea behind mobile banking is to make banking convenient and simple, while still keeping it very secure. Some mobile banking services are a great way to actually increase the security of a bank account. Text alerts, for example, are one good way to protect an account, because a user is alerted immediately if any strange activity occurs, and can immediately place a phone call to the bank to take care of it. In some cases, in addition to mobile alerts, banks will actually allow customers to send a text message to the bank in order to check account balances, rather than going through the trouble of logging in to the web site or placing a phone call.

Some online banking services can strengthen bank account protection and security.
Some online banking services can strengthen bank account protection and security.

In addition to checking deposits and withdrawals on a mobile device, customers may also be able to actually make a deposit or transfer money between accounts. Some banks allow customers to take a photo of the front and back of a check and submit it to the bank website; this check is then deposited as if it was actually brought into the bank. Transferring money between accounts, or even sending money to someone else via a mobile application (or "app") is another feature that is relatively new, but which some banks offer as part of their mobile banking services.

Mobile banking services now include checking on balances, transferring funds, and receiving text alerts when withdrawals or credit card charges are made on accounts.
Mobile banking services now include checking on balances, transferring funds, and receiving text alerts when withdrawals or credit card charges are made on accounts.

Many banks also offer the option to have monthly statements sent right to the phone, or at least delivered online. Bills can also frequently be paid through mobile banking services, either with the press of a button or by setting up automatic payments. Taking advantage of online or mobile banking services is a good option to save time for many people, and allows them to keep better track of their money since they are aware of what is happening every day with it.

When selecting a bank to handle your mobile banking account, it's important to choose one that is FDIC insured.
When selecting a bank to handle your mobile banking account, it's important to choose one that is FDIC insured.
Check deposits are among mobile banking services now available via portable devices.
Check deposits are among mobile banking services now available via portable devices.

Readers Also Love

Discussion Comments

runner101

@Tomislav - I agree! Mobile and Internet banking is awesome for its easy access to your account and it hopefully speeds up the mundane things that we have to do such as pay our bills. I know clicking and paying a bill beats mailing them in!

As far as late payments and credit scores, the last I checked late payments don't affect your credit score until they are over thirty days late. But the late fees themselves are reason enough not to be late!

Tomislav

I feel between mobile and Internet banking that these have been two-life savers when it comes to saving time on things that I would really like to save time on like paying bills.

I hate paying late fees so I have to say the thing I use Internet and mobile banking for is paying bills, I set most of my bills up on automatic payments, check them almost every month to make sure that some strange fee has not happened upon any of them and I never ever have to pay a late fee.

Which is also a great thing for my credit score!

manykitties2

Do you think it is possible to get a mobile banking demo at your bank?

I am a bit cautious about using new mobile Internet banking technology because I don't want my accounts to be compromised. I have heard horror stories about people losing all of their money after hackers gained access to their online bank accounts. It is really scary to think about.

While I am sure that the banks probably put a lot of money into their mobile banking research I just want to see how it works for myself before I sign up for something. I like to know what I am getting into.

lonelygod

I have been using a mobile banking application on my phone since it first came out and I love how easy it is to use. I can pay bills from my phone, transfer money between accounts and easily check the balance on all of my accounts, even my investments are available.

I think if you are willing you can easily save yourself a lot of hassles by trying mobile phone banking, as it will pretty much kill the need for you to go in to the bank to see a live teller. I think as mobile banking technology continues to get better, and as security improves, it may be just as popular as the old telephone banking used to be.

myharley

I know when mobile banking first became available, many people were concerned with mobile banking security. It is actually just as secure as doing any banking online.

When you go to my banks website, one of the first messages you see is an advertisement for mobile banking on your smart phone.

Since we are becoming so used to doing everything else on our smart phones, it makes sense to me to be able to do my banking too.

I have never had any problems with security and this is one less thing I have to worry about doing from my computer at home.

I think we will continue to see a lot more free mobile banking as they keep providing more and more services. I like the fact that they will immediately send me a text if there is any suspicious activity on my account.

Post your comments
Login:
Forgot password?
Register: