It’s convenient, it’s simple, it’s safe, and it saves you time and money. If you don’t have mobile/online banking with 1st Source Bank or another financial company, you are missing out.
According to Business Insider, more than 200 million Americans will use online banking regularly in 2022. The COVID-19 pandemic accelerated the growth of online services, allowing many people to realize the benefits.
Mobile/online banking is the most convenient way to monitor your checking and savings accounts, transfer money from one account to another, and pay your bills.
You can have your paycheck automatically deposited in the account of your choice if you also set up a direct deposit at work. Below are some of the most common features of mobile/online banking.
Common Online Banking Features
- Account Summaries. If you have multiple accounts with your credit union or bank, you’ll be able to see the current balances of each account, making it easy to check if funds are running low or if you have the necessary cash available to make a purchase.
- Transaction Histories. Whether you are a heavy debit card user or check writer, you will be able to view individual transactions for your accounts and be able to tell when the birthday check you sent to a niece or nephew gets cashed or when your paycheck hits your account.
- Account Statements. Electronic account statements make sense for most people, and they are eco-friendly. Instead of sticking them in your desk drawer, unopened, you can access them online when you need them.
- Transfer Funds. Running low on cash? Most online banking platforms allow you to transfer funds from one account to another, making it easy to stash excess cash in interest-earning savings accounts until it is needed.
- Mobile Deposit. Did someone send you a check as a birthday present? Did you get a nice tax refund from the IRS? Mobile deposit services make cashing it easy and convenient by taking a picture of it from your smartphone.
- Online Bill Payment. It makes managing your bills so much easier. Monthly payments to the cable, gas, and electric companies, and mortgage and auto lenders become a breeze. Plus, you will save on postage.
- Alerts and Notifications. Without even checking your accounts, you can set things up to automatically receive your account balance via email or text. You can also receive notifications about other banking information you want to monitor.
- Account Reporting Tools. If you are interested in understanding how much you are spending each month dining out or for entertainment, you can likely find out from your online banking provider. You can also check on your credit situation regularly, helping you maintain a good credit score and watch for possible fraudulent activity.
Those are just a few of the features. There are many more and they continue to expand so you can enjoy more convenience.
Another significant benefit is the ability to use it anywhere and at any time. If you’re traveling and want to check your statements you can do it from your smartphone or laptop. Online and mobile banking is available with just a tap of your finger, no matter the time or location.
If you’re having a great time on vacation and maybe spent more money than you planned, you can easily transfer funds from one account to another. It gives you peace of mind knowing that you can access your bank accounts whenever and wherever.
1st Source Bank has a very secure system, but you can take some additional steps to protect your information.
To start, you can protect your accounts by choosing strong passwords. You want your password to be one that you can easily remember but that no one else would guess. It is best to include letters, symbols, and numbers in your password. Be sure not to use easy-to-guess passwords such as the street on which you live or your birth date. You should also change your passwords regularly. (Check out our password security tips)
There are other sophisticated ways to protect your digital banking experience.
- Multi-Factor Authentication. In addition to your account password, you will also be required to provide alternative forms of authentication, either via a PIN or code texted to your smartphone.
- Biometric Authentication. This expands the identification process to a unique biological characteristic, such as facial recognition or fingerprints.
Digital banking has transformed the consumer experience for most bank and credit union customers. It offers tremendous convenience in our busy lives.
If you’re not enjoying the benefits, you should consider it. 1st Source Bank would love to answer any questions you may have about it.
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