More people are embracing advancements in banking technology, preferring to manage their money on their smartphone or desktop instead of taking time out of their busy schedules to go to the nearest bank branch. If you’re still on the fence about downloading a banking app, these are some benefits that you could reap from doing it.
One of the top reasons why you should download your bank’s mobile app is that you can do your banking whenever you’d like. You will no longer need to organize your banking around a bank branch’s hours. You can manage the money in your accounts at any time of day, and you can even do it during bank holidays when branches across the country are closed. This is extremely advantageous for anyone who has a work schedule that doesn’t match well with their local bank branch’s schedule.
With a mobile banking app, you should be able to set up automated bill payments. This means that the money will automatically be sent from your checking account to the bill provider on the due date. The feature could stop you from missing important payment deadlines and collecting late penalties.
What kind of bill could you use this for? Say that you applied for an online loan to help you pay for an emergency expense because you didn’t have enough savings available. The funds were deposited directly into your account after your application got approved. You used those funds to handle the expense and quickly put the emergency behind you. Now, all you have to do is follow a repayment plan.
Automating your online loan payments could make the entire repayment process easier. You don’t have to worry about missing a payment in the billing cycle. The funds will be sent from your checking account when they are due.
It’s easy to track expenses with a mobile banking app because you can open it and view your account balances in real-time. You’ll get an up-to-date view of your spending without having to go to an ATM or bank branch. Tracking your expenses is an essential part of budgeting, so following a budget should be much easier with this app sitting on your smartphone.
Some banking apps will have budgeting features that allow you to organize your expenses and reach savings goals! If your bank’s app doesn’t have these built-in features, there’s no need to worry. You could download one of the top budgeting apps and create your spending/saving guidelines there. Many of these budgeting apps will sync with your online bank accounts, giving you similar insights about your financial behavior.
Locking Debit Cards
If you lose your debit card or have it stolen, your bank’s mobile app might have a feature that allows you to lock your card’s account. Locking your card can stop anyone from making unauthorized transactions with the card. Once you’ve locked the card, you can contact the bank to let them know about the card loss or theft.
Card locking is an excellent feature to have on hand because there is a possibility that you may be liable for a certain amount of the unauthorized debit card charges if you don’t report the loss/theft soon enough. You can prevent any unauthorized charges from happening right away. And if charges have already been made, you can at least minimize the damage and stop the charges from accumulating.
So, what are you waiting for? It’s time to get with the times and download your bank’s mobile app right away.