Pay bills, transfer funds or find the closest ATM through your mobile banking app.
Mobile banking lets you do a range of banking tasks without visiting a branch or logging onto a computer. Most apps allow you to keep track of your finances on the go with a range of features and services. Common banking app features include finding the closest bank locations or ATMs, paying bills and transferring funds to other accounts, as well as online investing tools and calculators.
A high-interest account that operates like a checking account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC.
Our top pick: Aspiration Account
Our top pick: Aspiration Account
What is mobile banking?
It’s a system that lets the customer of a financial institution process transactions through an app on your smartphone or tablet. This is not to be confused with contactless payments, which use Near Field Communications (NFC) technology to allow you to use your phone to pay for things by tapping it near another device.
Mobile banking apps and features
Most major banks have a mobile app that allows their customers to access their accounts on the go. Here’s what the Big Four have to offer:
| Mobile banking app | Features |
|---|---|
| Chase |
|
| Wells Fargo |
|
| Bank of America |
|
| Citibank |
|
Compare checking accounts
What are the advantages of mobile banking?
- Save on time. Instead of going to a bank and waiting in line to talk to someone, you can check account balances, schedule and receive payments, transfer money and organize your accounts from anywhere.
- Convenient for managing funds on-the-go. Do your banking at a time and place that suits you without having to worry about business hours.
- Stay on top of your finances while traveling. Banking apps allow you to pay your bills, send and request money, and get help from anywhere in the world with Wi-Fi, regardless of whether or not there’s a branch nearby.
- Security measures are built into the app. Generally, good mobile banking apps have a security guarantee or send you a SMS verification code you need to input to authorize a payment for added security. Some apps even have GPS capabilities to help figure out if someone other than you has your credit card.
What to look out for…
Before you start mobile banking, here’s what you should look out for.
- Security of financial transactions are paramount to any mobile banking app. Ensure that all your financial details are kept safe with authentication by having a user ID, password and PIN. Some banks let you log in with your fingerprint or face to keep you safe, but you need to have a phone that supports the technology.
- Access to customer service. Banks have a lot of customers, so they need to able to produce a mobile banking infrastructure to handle large volumes of transactions at a time. Services should be available 24/7 and all systems should be working within the app.
- Is mobile banking available for your bank? Some smaller banks don’t have mobile apps available. If you prefer to handle most of your finances from your phone, check to make sure an app is available before signing up for an account with a new bank.
The difference between a digital bank and mobile banking and how to compare digital banks
Keep your information secure
Mobile phone apps can only do so much on their own to keep you secure, such as logging you out after a certain amount of inactivity or making you provide a password or SMS codes. Banking on a public Wi-Fi connection or leaving your phone unlocked when you’re logged in to a banking app leaves your account at risk. Even if you aren’t logged in, taking screenshots of your balance or keeping your passwords in a note app can let your information leak — to stay safe, keep your phone locked when it’s not in your hand.
Bottom line
Mobile banking is used in many parts of the world and can be a great tool if used properly and securely. You can check your account details from anywhere and get notifications when there’s suspicious activity on your account, helping you get more control of your finances. Before you commit to a new bank account, make sure to compare to get the best APY and features for your needs.
