5 Features on Your Mobile Banking App That You Should Know About | If you’ve ever tried mobile banking, then you’re probably already aware of the many amazing things you can do. For example, you can pay your bills in a more convenient way by enrolling your billers and creating an auto-debit schedule. Of course, many account holders also use their mobile banking apps to transfer funds.
Did you know, however, that your mobile banking app has more features that you may not be using? These features can help you maximize your time, not to mention protect your account and help you with better money management. Here are just a few more amazing things you can do through mobile banking:
Find an ATM
Surely, you’ve experienced an instance where you need to withdraw cash but you can’t find a nearby ATM. Perhaps you’re unfamiliar with the location because you’re new to the area or simply passing through. Whatever the reason, when this situation happens to you, you can open your bank’s mobile app and use it to search for the nearest branch and ATM.
Using the app means that you’ll get a more accurate list of locations. Search engines are reliable, but there’s nothing like getting your information straight from the source. Moreover, while any other ATM will allow you to withdraw money, getting cash from your own bank’s ATM will minimize withdrawal fees. These may not be significant amounts but, as they say, every peso counts.
Protect Your Account
You have probably already done this to secure your account: activate two-factor authentication (2FA) for your online banking account through your bank’s mobile app. If you haven’t done this yet, then it’s time to do so.
Enabling 2FA generates an OTP or one-time password, which gives you an extra layer of security beyond your password. An OTP is sent to your mobile number, and you need to input this whenever you log-in to a new device or need to approve a transaction. This means that if a thief or hacker somehow accesses your username and password, they won’t be able to proceed if they don’t have your phone.
There are also other security features that you can find in your mobile banking app with a bit of exploration. For example, if you have a debit card, you can set withdrawal limits per day and/or program alerts to be sent to your phone when a withdrawal exceeds a certain amount.
Report a Lost or Stolen Card
Aside from securing your account to prevent it from getting hacked or stolen, you can also use your mobile banking app to secure your credit. Obviously, no one wants their credit card to be lost, stolen, or otherwise compromised. However, if the situation happens to you, you can at least rest easy knowing that it takes only a few button presses to block your credit card. Then, you can also report the incident through the app.
You can also block your card even if it isn’t lost or stolen. For example, if you notice some suspicious transactions, it’s possible that your credit card has been compromised. The safest thing to do is to block and then report the incident.
Pay With QR
Paying with QR codes is something that is often associated with e-wallets. However, depending on your bank, you may also use your mobile banking app to pay participating merchants through QR. All you have to do is to open the app, tap the correct icon, and scan the merchant’s QR code.
Your bank will usually have a list of partners that allow this kind of transaction, so either visit the website or check the app itself. What’s great about using this payment option is that it takes fewer steps than using an e-wallet. This is simply because you don’t have to go through the top-up process.
View Your Transaction History
For those who need to access their transaction and account history for review, there’s no need to visit your bank’s branch to request a copy. You can simply access your mobile banking app and open your transaction history from there.
Usually, mobile banking apps allow you to filter the results based on whether the transaction is debit or credit. Depending on your bank, you can also view transactions as far back as three years ago or even more.
This feature is particularly helpful if you’re waiting for a money transfer to be credited to your account. In the same way, it’s also useful if you’re monitoring an outgoing transaction such as a payment to a biller. Your transaction history can also prove valuable for planning your budget if you’re using your mobile banking app to pay bills.
Many of these features are readily available in your mobile banking app. That is, you don’t need to activate or sign up for anything; you can use them anytime for free as long as you have access to your app.
In addition, you may not ever need to use all of these features, particularly the one for blocking a credit card. Nevertheless, it’s a good thing to know all of your options and know that they’re there in case the need arises.