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Canada’s Peter Pig’s Money Counter

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Mobile Banking 101

Mobile Banking 101

By, Carla Hindman, Director of Financial Education, Visa Canada

We're living in an increasingly connected world, where we want everything available at our fingertips. Mobile banking is becoming one of the most convenient ways to manage your finances and most banks now offer this capability through an app. There has been a surge in mobile banking activity in Canada, according to GroupM's 2016 survey on smartphone adoption, with 85 per cent of respondents using apps compared to 60 per cent in 2014.

If you haven't already downloaded your bank's app, it's time to check it out. Banking apps are very convenient and make it easier for you to manage your money. Here are some frequently asked questions about mobile banking:

What can I do with mobile banking?
It may be new technology, but it allows you to do almost all of your traditional banking activities. For example, you can check your account balance, track spending, review account history, deposit cheques, transfer funds and in some cases make payments with your smartphone. Some apps also allow you to check your investment accounts and go paperless by receiving account statements on your phone.

What are the benefits of mobile banking?
The best feature of mobile banking is the 24/7 access it gives you to your money. Whether you're making purchases or depositing cheques, you can do it anytime and from anywhere you want. An added bonus is that most financial institutions don't charge fees for mobile banking services and most banks offer their own mobile apps, tailored to their individual features and services.

Some banks offer their own companion apps that allow you to track your spending and stay on top of your budget; you may be able to set up real-time notifications and virtual receipts every time there is a transaction.

Is mobile banking secure?
Most banking apps are secure. Some consumers are wary of banking by app, which is understandable given how recent an advance mobile banking is. Mobile banking is becoming one of the most secure and convenient ways to pay and transfer money, especially with features like fingerprint technology and near-field communication (NFC) chips. Geolocation tracking can add an extra layer of security to your account. With your permission, some banks can use GPS data from your smartphone to help verify that you're with your card when it's used for a purchase.

Remember, password protection is an important aspect of online security. Don't use the same password for multiple accounts, financial or otherwise, and try to use two-factor authentication, meaning you need two elements to login, so someone can't log in with your password alone. For added peace of mind, you are protected from unauthorized transactions in the event of fraud, provided you have met your security responsibilities.

Bottom Line: Overall, mobile banking can make it easier for you to manage your spending and saving with 24/7 services.





This article is intended to provide general information and should not be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.

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