Mobile banking is a convenient, secure option for banking—whether that’s on the go or at home. There are so many things you can do easily (and safely) right from your phone, without ever having to make a trip to the bank.
But that doesn’t mean people don’t have questions before they decide to download a banking app.
So, toward that end, let’s take a look at some of the most frequently asked questions about mobile banking.
Q: What’s the difference between online banking and mobile banking?
A: In terms of functionality, there’s not really a difference between the two. On a mobile app, you’ll be able to do things such as view your accounts, transfer money, and pay bills—just like you would if you were to sign into your account from a desktop computer.
Of course, if you don’t have an app with your bank, you’ll likely also have the option of going to the bank’s website on your phone and signing into your account.
Also, some banks also offer certain services via text. For example, at Mercer Savings Bank, you can receive alerts via text about things such as account balances, ATM locations, and transaction history.
Q: Why use mobile banking?
A: Most people choose to take advantage of mobile banking because of the convenience it offers. Say you’re out with your friends and suddenly you remember that you haven’t paid your student loans yet and they’re due tomorrow. You don’t need to rush home and make the payment on your computer—you can make a secure payment with mobile bill pay right on your bank’s app.
Although you’re still more than welcome to visit your bank, mobile banking can cut down your list of stops the next time you’re running errands. For example, you no longer need to physically deposit checks by visiting the bank or ATM. With mobile banking, you can use mobile deposit, which allows you to deposit checks using your phone, wherever you are.
Related: The Many Benefits of Mobile Banking
Q: How secure are mobile banking apps?
A: The short answer? Very secure.
The long answer is that mobile apps from trusted banks have stringent security measures in place to protect your account and privacy. To access your account via mobile app, you have to go through special verification and authorization steps. This keeps your information safe.
However, it’s understandable that one of the major fears Americans have about mobile banking is that their identity will be stolen. Your mobile app is designed to protect your account information, but you can do your part by avoiding fraudulent emails that ask for details about your account, reporting suspicious emails to your bank, and regularly monitoring your account.
Q: How often should I change my password?
A: This is not an exact science, but U.S. News recommends changing passwords every 1-4 months to be on the safe side. This is especially true for shared devices to avoid unauthorized account access.
However, more important than changing your password is making sure it’s a strong one in the first place. Use something that’s unique to you that you’ll remember, and that has a mix of letters, symbols, and numbers. In other words, don’t use “password123.”
Here are some tips for creating a strong, secure password.
Also, if your phone isn’t locked with a passcode or fingerprint, it might be a good idea to change that. This is an easy way to add an extra level of security in case you ever lose your phone.
Lose something? Get lost/stolen wallet help here.
Q: Does my bank have an app?
A: It depends on your bank, of course! But this is a good question to ask, because you do want to check with your bank first to ensure you download the right app and not a scam one.
Mercer Savings Bank offers mobile banking with no extra fees to all customers. Download the app for your iPhone or Android Smartphone by searching for ‘Touchbanking’ in the app store on your phone. For more instructions and information on services, read our Guide to Mercer Savings Bank’s Mobile App.