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8 Ways to Manage Finances with Mobile Banking

July 1, 2024

lady with mobile and bag

Do you remember the days when you had to actually go to a bank to deposit a check, put stamps on envelopes to pay bills, or make a phone call to check an account balance? Thankfully, those days are long gone. Here are eight ways that mobile banking has made managing your finances easier than ever, along with a few tips for making your online banking experience as smooth as possible—all available with CCCU’s Digital Banking App.

  • Deposit checks. Today, depositing a check is as quick and simple as taking a picture. Well, almost. If you’re using a mobile check deposit, be sure to carefully follow all of your bank’s instructions, starting with accurately entering the amount of the transaction. Also, when you endorse a check, add the words, “Via mobile deposit.” Then confirm that the check was accurately deposited.

Some banks further suggest that you to keep any mobile-deposited checks for a specific period of time, such as 60 days, just in case any issues arise. Check your bank’s policies.

  • Give. In this day and age, when so many churches are encouraging online giving, mobile banking can personalize the experience. While there are benefits to automating your giving, some people prefer to use their phone to manually give each week. They say it more closely resembles giving when the offering plate comes by; it feels more tangible, more worshipful.
  • Build savings. If you had to choose to put a portion of every paycheck into savings, would you? Let’s face it, willpower can wane. It’s a lot easier if you make the decision just once when you set up an automatic monthly transfer from checking to your savings account. Automation will make the transfer even when you don’t feel like putting money in savings, when you don’t have the time, or when you forget.
  • Pay bills. With online bill-pay, there’s no need for envelopes and stamps. Once you enter information about your electricity provider, insurance company, or another payee, you can pay them online, either manually (with your phone or computer) or automatically. Just be careful when setting up auto-pay, making sure to check that the amount looks correct before the bill due date.
  • Transfer money between accounts. If you maintain a savings account and a checking account at the same institution, you can move money from one to the other instantly. Let’s say you’ve been automatically adding money to your savings account each month in order to pay a semi-annual insurance bill. If you’re out and about and notice that the bill’s due date is approaching, you can easily move the needed amount from savings to checking.
  • Transfer money to friends. Need to reimburse a friend for lunch? A peer-to-peer payment service, such as Zelle, makes that easy. Once they (and you) become registered users, which you can do online (of course!) through your bank, all you need is the phone number of the person you want to pay and you’ll be able to transfer money to them even before you leave the restaurant.
  • Get alerts. In life, there’s a lot to keep up with. That’s why automated alerts can be so helpful. Maybe your checking account balance is getting a bit low or your credit card balance is a bit high. Registering for free alerts can save you time and money. Find out what alerts are available for your accounts by clicking on the settings or security tab. It is especially important to sign up for fraud alerts.
  • Check balances. If you notice a sale going on at your favorite clothing store and don’t want to charge a potential purchase, in a matter of seconds you can see how much money is in your checking account. Even better, check your budgeting app first to see how much of this month’s clothing budget is still available, and then see how much you have in your checking account. It can all be done before you step into the store.

With mobile banking, you have a huge amount of information at your fingertips, which can be used very powerfully to manage money well. Are you taking full advantage of all the mobile banking benefits your bank offers?

Manage your finances anywhere, anytime with CCCU’s digital banking. The mobile app and online banking platform keep you connected 24/7 ensuring your money and how you manage is always within reach.

Matt Bell is the author of Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management. He speaks at churches and conferences throughout the country and writes the MattAboutMoney blog.

This article should not be considered legal, tax, or financial advice. You may wish to consult a tax or financial advisor about your individual financial situation.

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