General Question

arllyn's avatar

What are the advantages of mobile banking?

Asked by arllyn (19points) July 23rd, 2008
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2 Answers

insomni's avatar

This is best answered by trying it out yourself. Depending on how you like to do your banking, you’ll see how it can work best for you. If you like to enter your transactions into a program on your computer, being able to easily download transactions and reconcile them against your records is very useful. I don’t even bother with that anymore, as online banking gives me a great way of tracking my balance and seeing when payments go through (which, these days, is almost immediately).

Another great feature that some banks provide is the ability to set up alerts, such as receiving an e-mail or SMS when a deposit reaches your account or your balance drops below a certain amount.

In Europe, where I live now (originally from Minnesota), I’m amazed at one feature you won’t find in the US: You can send money to anyone else without going through an intermediary services such as Western Union or PayPal. All you need is their bank’s routing number and their account number. It makes payments for things like eBay much easier. Hard to believe that’s not available in the US yet, but I suppose those “middle men” companies are probably lobbying against it.

mokshjuneja's avatar

it makes life easier to user of a bank to access this statements.. at least that is what i am using mobile banking for!! Specially alerts on the cell phone!!

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