How To Use a Bank’s Mobile App To Manage Your Finances Better
It wasn’t too long ago that you needed to go into your local bank branch to do all your banking — everything from opening and closing an account to depositing money. Today, nearly everything can be done from your smartphone with your bank’s mobile app.
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Keep reading to learn more about how you can use your bank’s mobile app to manage your finances more effectively than ever before.
Deposit Checks
Between work and everything else, most of us have extremely busy lives. Finding the time to do some of the little things, like go to the bank to deposit a check, is difficult.
Luckily, most banking mobile apps now have features that allow you to deposit your checks without needing to leave your home. Simply endorse the check like normal, load your bank’s app and snap a photo of both sides. Depending on the time of day, the funds are usually available the same day or the next day.
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Set Up Account Alerts
There was a time when people would balance their checkbooks to ensure each monthly deposit and withdrawal was accounted for. This isn’t as common anymore, but it’s still important to understand what’s going on with your account. Most banking mobile apps will give you the chance to set up account alerts so you know if something needs your attention.
For example, you can set up an alert when your account is used or anytime a transaction is made over a certain amount. You can even set up an alert if your balance falls below a certain amount. This is helpful to make sure you don’t accidentally overdraft your account.
Get a Free FICO Credit Score
Your FICO score is vital information that can affect many things in your life. It can be used when deciding whether you qualify for a mortgage, and it can also affect whether or not you’re hired for your next job. Through your bank’s mobile app, you can stay in the loop on your credit score and the factors affecting it. Most banking apps will also provide you with actionable tips to help you improve your score.
Plus, you will also receive credit monitoring alerts through the FICO feature with many banking apps. That means if anything happens that affects your score, you’ll receive a notice. This could be anything from an increase or a decrease in your balance to a new account being opened. Credit monitoring is a great way to spot potential identity theft.
Pay Bills Without Any Fees
How many times have you gone to pay a bill online only to be told there will be a surcharge? The last thing anybody wants to do is pay extra just to make a bill payment.
Luckily, most banking apps give you the ability to pay your bills through your checking account without any additional fees being added.
Get Cash Back
Depending on where you do your banking, you might also have access to cash-back deals through your mobile app.
For example, Bank of America customers can access BankAmeriDeals. This allows you to opt in to certain cash-back opportunities when you use your debit card at select merchants.
Automatically Save
Some banks will allow you to manage your money with much less effort. There was a time when you needed to go into a bank branch to move money into your savings account. Eventually, you were able to do it online from a computer. Today, you can set up automatic savings right from your mobile app.
Most banks will allow you to move a certain dollar amount to your savings account on a specific day (payday). However, some banks even allow you to round up your purchases and have that amount moved to savings. All of these can be managed from your bank’s mobile app.
Budget
Understanding where you’re spending your money each month is a vital part of money management.
Many banking apps now have built-in budgeting tools that give you monthly spending and income visibility. You’ll also be able to see if you’re spending too much on a certain category, like dining out or groceries. You can use this information to spend your money more efficiently.
Use Built-In Goal Trackers
It’s easy to lose motivation when saving for something, whether a down payment on a house or a new car. However, many banking apps now include goal trackers, which allow you to visualize your progress and can help provide extra motivation to keep working hard.
Pay People Back Without Needing Another App
If you owe friends or family money, you could always use apps like PayPal or Venmo to pay them back. But wouldn’t it be easier to do everything from your bank’s app instead?
Today, many banks have partnered with Zelle, a digital payment network, which makes paying others directly through your banking app easy. Once the transfer is made, the transaction will automatically appear in your bank account transactions.
Take Advantage of These Features
Managing your money used to be a time-consuming process. However, because many banks have built robust mobile apps, many things can now be done while sitting on your couch.
If you’re not taking advantage of all the features your bank’s app has to offer, there’s no better time than today.
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This article originally appeared on GOBankingRates.com: How To Use a Bank’s Mobile App To Manage Your Finances Better
