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Banking at the Speed of Technology, Pt. I

Millions of people today use mobile devices to manage their finances and the number of users continues to grow. Why? Mobile banking technology and services provide so much convenience. You can access your account from just about anywhere using a smartphone or mobile computing device today. As demand grows, the banking industry strives to improve online services while keeping customers’ funds safe.

Money Transfer Services:

Mobile payment apps have become part of everyday life for many people.  Online and Mobile Banking Apps let you pay bills without writing a check, swiping a card, or paying with cash. These services are becoming increasingly popular for things like tracking costs, paying bills, and transferring funds. With the development of new payment methods, there are also new risks, so keep the following in mind when using these services and apps:

Double-check before you press that send button. A simple mistype can send money to the wrong person or the wrong amount. Always double-check the amount you entered and the person you selected to pay. Online Banking and Mobile Banking Apps require an account number to identify payment recipients. You can sometimes “stop payment” with written checks, dispute a credit card charge, or cancel a bill payment, but mobile payment services may or may not have a recall or retrieval feature. For these reasons, it’s important to be certain you want to make a payment via transfer, then verify how much and to whom before pressing send.

Know when to expect to receive transferred money or when it should leave your account. You may have to wait to spend the money you receive in a transfer. Even if the money appears to be in your balance instantly, you may not be able to spend the money as quickly as it shows up, so be sure to read the disclosures to find out how much time they have to complete the transaction. When you send money via mobile apps, most payments get deducted from your balance immediately.

Depositing checks using Remote Deposit Capture:

Many banks allow customers to use Remote Deposit Capture (RDC) or Mobile Deposit, which allows customers to take a picture of a check with their mobile device and deposit that check electronically without ever visiting a branch or using an ATM. This service is becoming popular, especially among customers who don’t live or work close to a bank branch. If you use RDC, carefully track the checks you deposit. For example, you might write the date you deposited the item on the front of the paper check and hold onto it until the check has cleared and the money is in your account. Once the deposit is verified, you can destroy the check, preferably using a high-quality paper shredder. Ask your bank more about how this service works.