Mobile Banking and Mobile Deposit is growing

Smartphones let you watch sports events, play games, read books, and check e-mail. Now a suite of mobile banking services is just a tap away, too. Banks have significantly expanded their mobile offerings as concerns about wireless security ease. Many of these banks just have the ability check balances and transfer funds, but many are starting to offer Mitek Systems’ Mobile Deposit technology that allows one to deposit a check via their smart phone. The important thing to point out is that Mobile Deposit can save you tons of time and money, because you can essentially deposit a check from anywhere at anytime.

As with credit and debit cards, banks limit liability for fraudulent transactions reported within two months. Such guarantees are helping to broaden the adoption of mobile services. Bank of America says 17 percent of its online banking customers already use mobile services. “Most banking is just text and numbers. So to some extent, banking is really ideal for mobile use,’’ said Jim Bruene, founder of Online Banking Report. Here’s a look at what’s available:

Alerts to notify account holders about large transactions or low balances are not new. But now customers can use text messaging to proactively review balances and transactions. To protect against identity theft, the information sent to customers does not include names or account numbers.

One reason mobile banking is becoming more widespread is the availability of apps, downloadable programs for mobile devices. Apps are easier to navigate with mobile phones than websites. Apps let customers do most of the tasks they can perform on a computer. Select tasks, such as transferring money to an outside account, generally aren’t available on apps. One app function that growing at a rapid pace is the ability to make a deposit by taking a photo of a check.

Quick pay
One relatively rare service is making payments by passing a phone over a scanner. Citi credit card holders can request a MasterCard PayPass sticker to attach to the back of a phone. The idea is that customers won’t have to pull out cash or a credit card, or sign for purchases of less than $50.


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