Mobile Banking

Mobile banking services let you manage your money wherever you are, but what you should know about these services?

What is mobile banking?
Mobile banking is a term used for performing various banking transactions such as check account balances, transfer funds between accounts, view recent transactions, bill payments, check credit applications and other banking transactions through a smart phone or other mobile devices.

Why bank using your smart phone?
Mobile banking is convenient. Anytime-anywhere account access makes seat-of-the-pants money management possible. For example, you can review your account balances while waiting in a checkout line to see if you should use your credit or debt card for the purchase.  The latest innovation, called "remote deposit capture," lets you take a photo of a check with your cell-phone camera and "deposit" it into your account. You can't get cash out of your cell phone yet, but you can use it to find the nearest ATM.

How much does it cost for mobile banking?
Financial institutions typically do not charge additional fees for mobile banking, but you might incur fees from your cellular service provider.  The devices come at a cost. For the smoothest mobile banking or app-based service, you'll want a smart phone which can cost you $200 or more up front unless you sign a new contract.

Are there any security risks associated with mobile banking?
Like anything else, you need to take steps to guard against identity theft.  Look for mobile payment apps that offer protection through the use of PIN numbers and passwords.  Keep a separate mobile device password using at least 8 characters, capital and lower-case characters, number and special characters.  Avoid storing sensitive information on your mobile device. And make sure to read the terms and conditions for the applications you use. Specifically, what it says about obligations and disputes on financial transactions.

New Horizons Credit Union 
www.newhcu.org/