Broker Check

Mobile Alerts for Managing Finances

January 6, 2016 by admin

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:

  1. Low balance alerts help you manage spending and avoid overdrafts and the hefty fees that accompany them.
  2. 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.
  3. 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.

For more information on customizing alerts based on your needs and preferences, or to download a mobile app, visit your financial institution’s website. If you found this information helpful, please feel free to share it with any family or friends who may also find it useful.