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Is Mobile Banking Right For You?

By Paula Ebben, WBZ-TV
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Award-winning journalist Paula Ebben co-anchors WBZ-TV News at 6PM...
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BOSTON (CBS) – The number of customers using mobile banking is soaring. In fact, it’s expected to double in the next four years.

Currently, about 38 million Americans use their smart phone to help them take care of their financial affairs.

They say they like it because it makes banking easier when they travel, or when they quickly want to check a balance or make a transfer.

By 2015, it is expected 86 million Americans will bank with a mobile device.

WBZ-TV’s Paula Ebben reports

The attraction to mobile banking is convenience. Customers like being able to avoid trips to the bank or ATM. They also give positive feedback to features that help avoid fees due to overdrafts.

For example, it’s possible to get text messages notifying you of account activity, including when your balance drops below a certain amount, of if you’re account is debited by phone, mail, or online.

“The alert system can become your nervous system, telling you when you need to do something, when you need to take action,” according to market analyst Mark Schwanhausser.

Alerts also help you monitor your account more regularly, which increases your chances of detecting possible fraud.

It is also possible to deposit a check with mobile check deposit. All you have to do is snap a photo of the check with your cell phone’s built in camera. You then upload that picture and your transaction is complete.

Another popular feature is person to person payment. This allows a friend to repay you directly without ever exchanging cash.

Schwanhausser added, “Person to person payment through a mobile device has a lot of appeal where I can just type in your cell phone number or your email address, ship you the money, bang, it is in your account .”

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