If my years working in banking have taught me anything it is has taught this – people’s banking habits are hard to change. For example, every weekday I had a member come in during that last half an hour of the day and deposit $20.25 to his checking and $20.25 to his savings, kind of neurotic right?
Or there was the woman who would come in once a week and buy four different cashier’s checks, all at $5 apiece, to pay her various bills. Lastly, there was a man who would deposit large checks each week and argue relentlessly about the checks having a hold put on them.
With this said, there has got to be a less frustrating and more efficient way for people to be conducting their banking right? Right!
What Can You Do With Remote Banking?
Part of my job as a Financial Service Representative was to educate our members on ways that we could improve their experience and build their knowledge of our products and services.
My go-to phrase was “did you know that you can do this transaction online or through the mobile app?” Most of the time people said they had no idea.
Not only are there ways to do your own easy transactions like transfers, check deposits, or viewing statements, but also there are many other amazing features as well. To give you an idea of just how many things you can take care of through remote channels here is a list:
- Setting up one time or reoccurring transfers to your own accounts or loans
- Making Cashiers Checks – Made out to yourself of other people.
- Pay Bills – like utility or insurance bills, straight to the company from your account using Bill Pay.
- Access Your Credit Card Points and use them.
- Setting up internal or external account transfers – as in transfers to another person within your bank or to another external bank.
- Apply for loans.
- Access Financial Planning tools – like checking your Fico Score or viewing spending reports.
And It does not stop there. For things like over-limit cash withdrawals, specific denominations, or the idea that you need to talk to argue in person to get a fee waived, I have good news; you can resolve these without going into the bank either. You can always call the contact center of your institution and ask them to raise your ATM limit either for the day or permanently based on usage.
Most ATM’s these days have the option to set your bill matrix so that you can get the denominations you want. You can do some research to find out if your bank offers special types of accounts that waive fees for things like cashier’s checks or temporary checks.
So think about it, if these are all the things you can do with remote banking, you really don’t have to go into the bank for much. In these times of Coronavirus, that means a lot not having to expose yourself to the public.
Security and Mobile Banking
One of the top responses I get from members when encouraging them to use remote channels is that they think their information is going to get hacked and stolen. According to Bankrate, “Mobile banking is both convenient and safe, say cybersecurity experts, but consumers need to take certain precautions“.
These are the top four ways to protect your information on banking websites and apps:
- Download the mobile app through your banks’ website, as opposed to the app store. This will help you avoid scammers who create fake apps.
- Make a strong password! I have helped countless people set up their mobile profiles and want an easy to remember password. I have to remind them that for their security you need to come up with something more unique. Most of the banking apps these days will even tell how strong your password is.
- Set up two-factor or multi-factor authentication. Meaning that after you sign in with your password you will be required to also receive a text message or email to verify yourself again.
- Set up alerts via email, text, or phone call that alert you to possible suspicious activity. This is when you get a text, let’s say, that is trying to verify that the activity happening is in fact you. All you need to do is respond whether or not the activity was you by saying Yes or No.
While it may seem like you need to do a lot to protect yourself, it is something you will get used to overtime and these measures will become second nature on your other internet activity.
Conclusion
Honestly, I am such an advocate for remote banking because it truly saves time and effort.
According to Business Insider Intelligence’s Mobile Banking Competitive Edge Study, “89% of survey respondents said they use mobile banking. Further, a massive 97% of millennials indicated that they use mobile banking“. This statistic is pervasive because more and more people are starting to realize that they can conduct their transactions without making an entire errand out of it, therefore maximizing their time. Business Insider goes on to say that “Mobile banking is not solely for younger generations, however, as 91% of Gen Xers and 79% of baby boomers also reported seeing the benefits of these services”.
The digital age is here to stay and you can make your life easier by getting on board.
While security concerns are prevalent, you have to reason that security risks exist everywhere, and educating yourself on how to avoid anything malicious is key.
Remote banking is an extremely useful way to take charge of your finances. Using its many features can enhance your awareness of how you spend money and educate you on your financial goals. You can do almost anything through remote banking channels that you can at the bank, and in these unprecedented times that is really valuable.
