Mobile banking tricks to save timeNovember 2015 / Share
Going to the bank to deposit paychecks or withdraw cash can be a time-consuming experience. That's why many customers are opting for digital banking on their smartphones or tablets. By being able to manage finances and oversee a bank account all from the palm of your hand, you can be more efficient with your time and your money.
According to 2014 study by the Royal Bank of Scotland, digital banking saved customers 96 million hours per year. Using electronic technology also saved consumers 24 million miles in traveling to and from the bank a year.
Here are some time-saving tips that mobile banking can help with:
Set reminders for rent and bills
There are some payments that have to be made every month: bills for electricity, internet service, water and gas. For most people, rent or a mortgage payments also must be paid every month. Items like this will become more expensive if they are submitted after their due dates, so making sure they are paid on time is important.
Use the calendar app on your phone or tablet to know every time that bills have to be paid. Once you are reminded of the payments you owe, you can log right into the mobile banking application and pay the bills. Stagger these so you are not paying every bill on the same day, but instead spreading them out over the course of the calendar.
Use mobile payment services
Going out with friends is fun, but when it comes time to split the bill, paying can be complicated. Many restaurants would prefer not to break up a check several different ways, and finding an ATM to get cash is not always convenient.
Mobile payment services can make this process easier. One person can choose to put the entire bill on his or her credit card, and everyone else at the table can send them back the money they owe instantaneously. Instead of having to split the check, or going out of your way to pay someone back, mobile banking makes going out a breeze.
Follow the checks
It can be aggravating to wait and see if a check you have written has cleared, or if the funds from your regular paycheck have shown up in your own account. With mobile banking, the process is sped up.
A banking application can notify you as soon as a check you've written has been deposited and cleared in someone else's account, so you can plan your future finances accordingly. Additionally, you can see instantaneously when money has been cleared in your own account without waiting for bank statements to arrive in the mail.
Vectra Bank has extensive mobile banking features that can help your save time.
The information provided is presented for general informational purposes only and does not constitute tax, legal, business or investment advice.