According to two recent studies of mobile banking users mobile alerts provide an easy way to better manage and protect your money.
A Bank of America survey1 found that 81% of mobile banking users have set up alerts. A separate Federal Reserve study2 found that 57% of mobile banking users report receiving a text, push notification, or email alert from their financial institutions.
The following three alerts available through most mobile applications provided by bank, credit union, and other financial services providers can help you manage your finances while helping to protect against fraud. You can customize and use these alerts based on your needs and preferences. Just visit your financial institution's website to learn more:
- Low balance alerts help you manage spending and avoid overdrafts and the hefty fees that accompany them.
- Mobile deposit alerts confirm that checks deposited via your smartphone have been received by your financial institution. Alerts cab also be set up to let you know when deposits clear so you always know what funds are available to you.
- Unusual activity alerts help detect activity on your account that could be fraudulent such as spending in an unusual location or spending that doesn't fit your pattern; transactions for unusually high dollar amounts; and multiple fast-paced transactions. They provide an opportunity to communicate with your financial institution in a timely manner to verify or halt unusual activity.
You can also download SS Financial Group's mobile app from your app store and receive alerts when we have something new to share! The app is free, and can be found by searching for "SS Financial Group" in both the Apple App Store and the Google Play Store for Android devices.
I urge you to "get mobile" and keep yourself attune to your finances and the financial world!
1Bank of America Trends in User Mobility Report, June 2015
2Board of Governors of the Federal Reserve System: Consumers and Mobile Financial Services, March 2015