5 smart reasons why you should use a mobile banking app

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5 smart reasons why you should use a mobile banking app

If you’ve never considered using your smartphone to do your basic banking, it’s time to catch up because you are missing out on some great benefits. No, it’s true, you can’t do everything with mobile banking that you can on the web with your online banking service, but for routine tasks, you will find the convenience of a mobile app is even better than you dreamed.

Not convinced? Let’s run down a few reasons why mobile banking is a smart move.

1. Save time and trouble on trips to the ATM or local banking branch. Yes, mobile banking makes it easy to check your balances, but did you know that you can also deposit checks right from your smartphone?

According to Ian Harper, PenFed’s chief information officer of information technology, “Within a day of release of our mobile banking app, we saw four times the amount of deposits through the app versus what we usually see in our web-based deposit service.”

It really is that convenient!

2. Stay on top of your money more quickly and easily than ever. With mobile banking, when you are on the go, you are no longer tied to a home computer, a nearby ATM, or local branch for basic banking needs. Accessing your accounts with a mobile app is fast and simple, so it’s easy to do things like double check balances or shuffle funds from one account to another. Staying abreast of your finances is as easy as picking up your phone.

3. Enjoy secure transactions. You might assume that mobile banking apps are somehow less secure than logging in with a computer or visiting an ATM or local branch, but the password and security systems used by mobile apps are solid and proven.

“From a security perspective, one of the best ways for mobile app users to stay safe is to use common sense, and make sure they are following good Internet hygiene,” Harper advised. “Specifically, consumers should only download apps from trusted sites, and they should be wary of imposter apps posing as a legitimate app that may be out to steal their information.”

4. Do your banking free of fees. Some banks charge fees to access your money at the branch or electronically, but mobile apps remain free. Downloads, texts, and data use might incur fees from your phone provider, so make sure you know what your plan covers before using a mobile banking app extensively.

5. PenFed’s newly redesigned mobile banking app has already earned high ratings in both the Apple and Google Play app stores. Use the PenFed mobile app to:

  • Deposit checks.
  • Check balances and account transaction details.
  • Check the status of loan or credit card applications.
  • Make payments to a PenFed loan, mortgage, or credit card account.
  • Transfer funds or schedule recurring transfers between PenFed accounts or accounts at other financial institutions.
  • Create travel notification alerts for all PenFed credit and debit card accounts.

Download the newly enhanced PenFed mobile app and watch a video highlighting what the app can do for you at PenFed.org/Mobile-App/.

Posted in: PenFed 5, Personal Finance
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