With mobile banking, much of your banking can be done from the comfort of home or on the go. Most banks in the Colorado Springs, CO, area offer mobile banking services. Read on to learn what mobile banking is, and the benefits and drawbacks, so you can decide if it's right for you.

What Is Mobile Banking?

Mobile banking lets you access your bank account online using a computer, laptop or other gadget, such as a smartphone or tablet. On computers and laptops, you usually access mobile banking through a website. For mobile devices, you typically download an app. Many banks offer mobile banking as a free service, but you should check to see if there are any fees before you sign up.

How you sign up for mobile banking varies. In some cases, you need to request access at the time you open your account or call or visit your bank to add the service to an existing account. Other banks let you sign up online or through the app using your Social Security number and/or account number. Residents of ViewPointe senior living community wishing to visit their banks to set up mobile banking can take advantage of our scheduled transportation services.

What Are the Common Features of Mobile Banking?

Each bank has its own mobile banking system, so features vary. The following are some features your bank may provide.

Account Information

Most mobile banking sites and apps let you access detailed account information. You can check your current balance, track which checks have cleared and see a record of debit card transactions and ATM withdrawals with just a few clicks. In addition, you can typically search for a specific transaction, such as your direct deposit from Social Security. If you need bank statements, you can usually download them from the app or website.

Transfers

If you have two checking accounts or a checking and a savings, you can usually use mobile banking to transfer money from one to the other. Keep in mind that some banks limit the number of electronic transfers you can make each month and will charge you fees if you go over. Money that you transfer usually becomes available immediately.

Bill Pay

Mobile banking sometimes includes Bill Pay. With this service, you enter the names, addresses and account numbers of companies that you pay bills to. Once you have payees set up, you can make payments online. The bank will send the company money electronically if possible. If not, it'll mail a paper check. You can usually set up automatic bill payments to go out automatically on a schedule you specify.

Alerts

Some banks let you sign up for mobile banking alerts that you get via email or text message. Once you do, they may let you know every time your debit card is used to make a purchase or withdraw money from the ATM. Alerts may also warn you if a check bounced or you've overdrawn your account.

What Are the Benefits of Mobile Banking?

There are many reasons you might want to sign up for mobile banking, such as:

• Access to information everywhere. If you're traveling, you can easily keep tabs on your bank balances and pay bills.
• Faster payments. Using Bill Pay through mobile banking can let you pay everything from your insurance premiums to your credit card bills more quickly.
• Less risk of overdrafts. Being able to access your account information any time day or night can help you keep closer tabs on your balance. This can reduce the risk of overdrafts and the expensive fees that come with them.
• Less paperwork to store. If you get your account information from mobile banking, you may not need to continue receiving paper bank statements. You can avoid having to store everything, and you can find checks, payments and deposits more quickly online than you usually can sorting through paperwork.
• Fewer trips to the bank and ATM. With mobile banking, you won't have to visit the bank or use the ATM to transfer money between accounts. Many account maintenance tasks like address changes can usually be done through mobile banking as well.

What Are the Drawbacks of Mobile Banking?

For all their benefits, mobile banking websites and apps do have some disadvantages. These include:

• Basic computer skills required. If you can browse websites and use mobile apps, you should be able to use mobile banking without any issues. However, you do need basic familiarity with a computer, smartphone or tablet to use the service.
• Minimum system requirements. If your phone or computer is old, you may not be able to run the app or access the website.
• Less of a personal touch. Mobile banking removes the personal element from banking. Some people simply prefer talking to a customer service rep or teller when they want account information.
• Potential for fraud. Scammers may try to impersonate your mobile banking service through email or text message. Never click links in messages. Instead, sign in to the website or app the way you always do to check information.