Personal banking has indeed come a long way, evolving from the traditional printed passbooks used to meticulously record transactions by hand years ago, to the modern digital banking tools available today.
Embracing your financial institution's Online and Mobile Banking systems allows you more quick and convenient ways to manage your finances. By utilizing Digital Banking, you can streamline your financial management and enjoy a host of benefits that save you time, effort, and even money.
Banking online is quick, convenient and saves you time and money by not physically visiting a branch. It is particularly useful if you are mainly conducting basic transactions such as depositing a paycheck every two weeks or paying a car loan every month. With just a few clicks, you can access your accounts, view transaction history, and monitor your balances, all from the comfort of your own home or while on the go.
In this blog, we will discuss what digital banking is and how you can maximize your Online and Mobile Banking experience.
Learn More about TCU’s New Online and Mobile Banking!
Travis Credit Union recently launched new Online Banking and Mobile Banking systems that provide our members with a more modern, intuitive experience. With the goal of enhancing member convenience and accessibility, the new digital banking systems offer a wide range of features designed to streamline your financial management.
What is Online and Mobile Banking?
There are two main ways to access your financial information through digital banking: Online Banking and Mobile Banking. An Online Banking system is accessed from your financial institution’s website using a web browser on a desktop or laptop computer. You can also access online banking from a mobile browser from your smartphone using the Safari or Google browsers, for example.
Mobile Banking is similar but requires the use of an app from your financial institution that you download onto your smartphone. Once you enter your credentials into the app, you’ll gain access to your credit union or bank’s mobile banking system and can view your financial information.
With Online Banking and Mobile Banking, you will be able to conduct many of the same transactions that you do at a branch, such as deposit checks, check balances, pay bills, transfer funds, apply for loans and more. What you cannot do directly is get cash, although you can search for the nearest ATMs on both platforms. Alternatively to cash, many financial institutions have partnered with person-to-person payment providers such as Zelle or Venmo to make sending money to others easier.
What Can You Do with Online Banking?
Online Banking lets account holders view transactional activity on their savings and checking accounts, debit and credit cards and other loan accounts. You can make transfers from one account to another, and even to and from external accounts once you have set that up.
Online Banking users can also pay bills, review monthly statements, set up account alerts, apply for loans, open up various deposit accounts such as a Money Market Account or a Certificate and much more. Some financial institutions also provide financial tools and programs that let you check your credit score, identify your spending habits and provide you with free and confidential financial counseling.
What Can You Do with Mobile Banking?
Mobile Banking offers you the same access to your accounts as well as many of the same features and financial tools – but from the convenience of a smartphone or tablet app. This allows you to check your account information while you are on the go, at any time.
Many financial institutions, including Travis Credit Union, also allow you to deposit checks via your smartphone app. For example, the Travis Credit Union app lets qualified members take a picture of the front and back of an endorsed check and deposit it into their TCU (Travis Credit Union) account (standard check hold and other restrictions apply).
Mobile Banking also allows accountholders to use tap-to-pay features such as Apple Pay® and Samsung Pay® if that is offered by their financial institution. This allows them to use their smartphone at checkout at participating retailers.
What Are the Risks?
Financial institutions already have a high industry standard in place to ensure the security of your money and financial information, whether it's physically or digitally stored. This commitment to security extends to Online Banking and Mobile Banking as well. It is essential, however, to verify that your credit union or bank employs industry-standard security measures for their digital banking systems.
For example, many use multi-factor authentication as part of the user login process, which asks for verification of your username and password via information sent to you via text, email or by push notification, per Nerdwallet.com. These extra steps to confirm your identity provide peace of mind knowing that your financial information is secure.
Of course, it is always a good idea to be aware of scams and frauds that try to get you to reveal your financial information. View TCU’s Fighting Fraud page to learn about the various ways to protect yourself.
Safely Utilize Online and Mobile Banking
Online and Mobile Banking allow you to keep a close eye on your account activity, especially when you set up account notifications via text or email. These tools give you near real-time notices about withdrawals, deposits, payments, and other activity on your accounts.
Just like all of your other online usernames and passwords, be sure to keep your digital banking credentials safe and secure. Keep your passwords complex and try not to use the same password for all your financial accounts.
Learn more about our digital banking system at traviscu.org. If you are already a member, enroll in digital banking and download our TCU Mobile App today!