Using Your Smart Phone to Access Your Bank Accounts
Millions of people, especially younger adults, are using their smart phones to access and conduct transactions with their banks and credit union accounts. As someone who has long avoided bank branch office visits when possible, I understand and appreciate the allure of mobile banking!
I especially like the ability to deposit a check with your smart phone by clicking a picture of the front and back and zapping it into your bank account. It’s amazing what can be done with technology today!
Smaller banks are generally not offering the mobile banking services that the larger banks are providing. Just be sure before signing up for anything mobile banking related or enabled that you understand possible additional charges as well as risks. (For example, some banks charge a small fee, such as $0.50 per check, for mobile depositing.)
Also, consider the alternatives. I have almost all of bills set up for automatic payments and my employment income payments directly deposited into my accounts. And, I don’t need a traditional bank account as I have an asset management account that comes with unlimited check writing.
Concerns with Mobile Banking
There are legitimate concerns with mobile banking which you should consider. Consumer Reports points out that smart phones are susceptible to similar threats (phishing, spyware, and viruses) that your personal computer is in addition to some other risks. Here's what they recommend to do to use mobile banking safely:
As you can see, there are a number of precautions to take. For my money, I’m not sure the small possible additional convenience of mobile banking is worth addressing all of these concerns so I’m sticking with my current system.
To access all premium content, members login here
Listen to Eric's Song
Paul Shaffer (below left) and his David Letterman Band recorded Eric's song which was written by Rock & Roll Hall of Fame song writer Jake Holmes.
Click to play Eric's song!
This song made possible by Eric's donation to