Checking Accounts . . . Then
Do remember when you maintained your checking account balance on tiny-lined ledgers and cross referenced it to your paper statement each month, hoping your math was right? How about cashing a check? This was a multi-step process that involved signing the back of a check, filling out a deposit slip for your account, standing in line at your branch, and making your deposit or getting cash in hand. (And it had to be a branch of your bank or things got even more complicated!)
The introduction of telephone banking systems allowed you to get a snapshot of your financial information — account balance, recently processed checks, and recent ATM withdrawals — without visiting a branch. You could also complete simple tasks like transferring money between accounts but the amount of buttons you needed to press or numbers you needed to recite was overwhelming!
Then came ATMs and check cards and it felt so freeing. You could access money from your checking account at any time, even after branch hours. ATMs also made it possible to deposit checks by inserting your check and deposit slip in the machine.
For a long time this was the “normal,” until online banking brought the ability to manage your accounts to…well…frankly, to just about anywhere.
Checking Accounts . . . Now
With the introduction of online banking, members no longer have to leave their homes to handle financial tasks. With mobile banking, handling your finances can be done literally anywhere.
And it’s catching on fast:
- 61% of people want anytime, anywhere access to their account balance. (1)
- 46% of people use digital channels only to conduct their banking, up from 27% in 2012. (2)
- 82% of 18- to 24-year-old smartphone owners use digital mobile banking. (3)
- 49% of 26- to 34-year-olds will change banks for a better mobile experience.
As technology advances, it creates more convenient ways to manage your money. Some of the newest features available to mobile banking users include:
Funds Transfer – New for many account holders is the option to move money between your credit union accounts and anyone’s accounts at different financial institutions. This can be done securely with just a text or an email to the recipient. Paying the baby sitter or sending your nephew cash for his birthday has never been easier. The ability to transfer money between your own checking and savings accounts, or other member’s accounts, has been available for many years.
Mobile Deposit Capture – Your mobile banking app and the camera on your mobile device is now all you need to deposit a check. Enter a few fields of information, snap a picture of the front side and signed back side of a check, and the amount is instantly deposited into your account. The money is immediately accessible but may have initial restrictions before the entire deposit amount is available.
Quick Balance – Sometimes technology can fail us. A spotty WiFi connection or a cell phone with only 10% battery can really slow you down. But you still need quick access to your account information. Quick Balance allows you to see your checking account balance without having to completely log into the mobile banking app. Just open the app, swipe to the left, and there’s your balance!
Touch ID Login – Are you bad at remembering passwords? Wouldn’t it be great if you could access your mobile banking app with…your thumbprint? Touch ID allows you to use your thumbprint to access your account information, without having to type out your user name and password. (Only available on mobile devices that provide Touch ID security features.)
CardNav Card Control App – Losing your debit card in the past meant numerous telephone calls to your card provider and frantically retracing your steps in order to find your card before someone else did. CardNav enhanced security protection allows you to instantly freeze all card activity right from your mobile device until you can find your card or your card can be cancelled.
Even when your card is safely in your possession, you can use CardNav to:
- control the types of purchases or approve specific vendors
- set dollar limits for withdrawals and transactions
- set specific geographic areas for card use