Things to Know About Mobile Banking

Patty Chang, VP of E-Commerce
Greater Nevada Credit Union
Our digital world has provided lots of conveniences, including apps to help do just about anything you can think of. Of course, we all know that technology comes with its challenges, too, like making sure our personal information is safe from hackers and identity thieves. Which begs the question, how convenient and secure is mobile banking? Keep reading to learn more about managing your money via your mobile device.

Convenience

Most online banking requires an Apple or Android smart phone or mobile device with internet access to download your financial institution’s mobile banking app. Once the app is installed, you can login to view your account balances and activity and to conduct transactions.

For instance, many online banking apps allow you to deposit checks right from your device, so there’s no need to drive to your credit union or bank to do this. The thing to remember is that it can take a few days for a check to post to your account when you deposit a check via a mobile app, so be sure you factor that in.

With many mobile banking apps you can also transfer funds within your account, pay bills, and even send money to family and friends using PopMoney, something offered through the Greater Nevada mobile app. All you need is the person’s cell phone number or email address to send the funds.

Another convenience and benefit of online and mobile banking is automatic account alerts, which you can set up to send via text message whenever there is a transaction in your account. You can also set up alerts for account balances and payments that are due, to help avoid any overdraft of late fees.

Like any technology, mobile banking continues to evolve, and Apple Pay is an example of new ways to make transactions in the digital age. With Apple Pay, there’s no need to carry cash or cards because you have a digital wallet that stores that information and lets you choose how you want to pay.

Security

Even though there are plenty of benefits to mobile banking, people do wonder about the security features. Banking apps, including GNCU’s, use progressive technology to encrypt data transmissions for guarding sensitive information. Plus no personal information is stored on your actual app, in case your mobile device is ever lost or stolen.

Apple Pay, on the other hand, combines contactless payment technology with unique security features that require authentication with TouchID or a passcode with every transaction made on an Apple device, such as iPad, iPhone or Apple Watch.  You can use Apple Pay to make purchases at traditional brick and mortar retailers, as well as in the App Store and online checkout systems. Your identity and debit or credit card information is not shared with the merchant, nor is it stored on your device or on Apple servers.  If your iPhone or iPad is lost or stolen, you can use "Find My iPhone" to put your device in Lost Mode to suspend Apple Pay, or you can wipe your device clean completely.

Check with your financial institution for details of their specific online and mobile banking features and technology. Or visit Greater Nevada’s mobile banking or Apple Pay pages.  
5/6/15