Using Technology to Remain Financially Fit

Are you interested in trying a new bank technology but not sure what’s available? Look no further! Technology is almost limitless and staying up to date can help make your life a bit easier. FDIC Consumer News offers an overview of some current services and most of them are free!

 

Personal Financial Management and Budgeting: Financial planning tools are one way to stay financially fit. One great tool is an electronic check register on your home computer (many consumers find this much easier to use and balance than an old-fashion paper check register.) There are also “companion applications” for your smartphone that allows access to your electronic check register wherever you are.

Mobile banking services go one step further. They allow you to access your bank account from anywhere using your smartphone, iPad, computer or other device. According to FDIC Consumer News “an estimated 30 million Americans currently manage their finances using mobile devices.”

Think about this? Let’s say you are in a store and trying to decide upon a major purchase, you would need to know if you have enough money in your account to cover the cost. If you’re balance is low, you can use mobile banking to transfer funds from one account to another, in order to cover the charge.

Depositing checks using your smartphone or other mobile device: Many banks have rolled out a “remote deposit capture” (RDC) feature. We, at Community Bank of the Chesapeake, like to call it “mobile deposit capture.” This is a feature that allows customers to take a picture of a check with their mobile device and deposit that check electronically, without the interruption of visiting a branch or using an ATM. This is convenient for customers who do not live or work close to a bank branch, yet would like their money ASAP.

If you use mobile RDC, carefully keep track of the checks you deposit. For instance, you can 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. We recommend holding it for 5 business days! Then you can destroy the check, preferably using a high-quality paper shredder. Contact us with any questions.

Account Alerts: Community Bank of the Chesapeake and most mobile banking systems, will allow you to sign up to get text messages on your mobile phone or e-mails if your account balance drops below a set dollar amount, which can help ensure that you don’t overdraw your account. We also call if we observe “suspicious” — potentially fraudulent — transactions involving your account. Setting up mobile alerts is a convenient and safe way to monitor what is going on with your checking account in real time!

Bill Paying: Paying bills through your mobile device or computer is just another way technology makes your life easier. Imagine you forgot to send your check in the mail and your bill is due! With Bill Pay your e-bills can be scheduled and set for auto pay, making sure you’re never late on a payment. Tip: We even let you create an “approved list” on our bank’s online banking web site.

As with any mobile banking service, always check with us before signing up to make sure you know about fees or other key factors.

Finally, when using any mobile financial service, keep privacy and security issues in mind. Protecting your devices with passwords is always a smart idea.

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