How to Use Online and Mobile Banking to Simplify Your Finances

Online and mobile banking have continued to see increased adoption from consumers in recent years, and for good reason – they come with powerful tools to help you simplify your finances, manage your budgets, quickly deposit and transfer money, and much more.

Here are tips to help get the most out of your online and mobile banking.

Budgeting and Tracking Expenses
With inflation reaching 40-year highs in 2022 and continuing to impact prices in 2023, many consumers have found their financial situation more crunched and are looking to cut back. With online and mobile banking, checking your finances in real-time is just a few clicks away – no more waiting for monthly statements to arrive in the mail.

If you find money is tight, take a look at your statements and transaction history for your various banking and credit accounts and categorize your expenses to see where you can make cuts. You can also utilize Bill Pay to set up secure auto-payments for your monthly bills without the need to remember passwords for your various billers’ websites.

Signing up for e-statements can also provide a convenient way to receive monthly statements, check images, notices and tax forms. This can save you from waiting for the mail to arrive, add a layer of security by eliminating the risk of your statements being lost or stolen from mailboxes, and save a few trees in the process.

Account Alerts and Card Controls
Another benefit to being able to monitor your expenses in real-time via online and mobile banking is the ability to quickly identify fraud. The Federal Trade Commission’s report on fraud estimated that losses to phishing schemes and other fraud tactics increased more than 70% in 2021, costing consumers more than $5.8 billion.

With the use of account alerts, which can be set up for account and debit/credit card activity among other options, you can quickly be notified via email or text message when transactions take place to identify any fraudulent activity that needs reported.

With card controls, you can also lock your debit or credit cards immediately if you misplace or lose them, and even set up spending limits to help keep you on budget.

Peer-to-Peer Payments and Snapshot Deposit
Whether you’re reimbursing a friend or sending a monetary gift to a loved one, peer-to-peer payments through platforms like Zelle® as well as the use of Snapshot Deposit can make transferring money a breeze.

To send money via Zelle, all you need is the recipient’s email address or phone number attached to their Zelle account and you’re on your way. A good rule of thumb whenever using peer-to-peer payments – whether through Zelle, PayPal, Venmo, CashApp or other platforms – is to send a small test transaction of a dollar or so to ensure the payment makes it to your intended recipient before sending larger amounts.

By linking your debit card to a mobile payment platform like Apple Pay or Samsung Pay, you can also help streamline your checkout in-store, in-app or online without needing your physical debit card handy.

If peer-to-peer payments aren’t your preferred method, Snapshot Deposit can provide an easy and convenient way to deposit a check into your account with just a signature, your phone’s camera and your mobile banking app – no trip to a banking office or ATM required.

Online and mobile banking offer a variety of convenient and powerful tools to help you manage your finances when you want, where you want, as you move forward in your financial journey.