Banking on the go puts you in control of your money

Ever wish you could get more done in a day? Now it’s possible – and easy – to pay bills, transfer money, check balances in your bank accounts, even send money to a strapped family member, all with the device most people never leave home without: the mobile phone.

New upgrades to mobile phones give multi-tasking parents and busy people the opportunity to take care of routine chores while on the go. Whether you’re sitting in the bleachers or on the bus, you can use your mobile phone to help manage everyday financial tasks.

Some people think they need “smartphones” when it comes to mobile banking. Not true. The type of phone you own doesn’t matter, as long as you can send and receive text messages. For example, some innovative banks offer a text banking service that gives customers easy access to account balances, lets them review activity, such as seeing when a bill was paid, receive alerts about low balances and provides locations of nearby ATMs.

Text banking doesn’t require you to log into a Web site. At Wells Fargo, for example, customers who sign up for free text banking service (mobile carrier charges still apply) can send a quick text message to Wells Fargo with a command like “bal all” and receive their balance in moments, without logging in or going to a Web site. And, by typing and sending “command” to Wells Fargo at 93557 (shortcode for “Wells”) customers will receive a list of all text banking commands they can use, such as “ATM,” to retrieve additional information. After the initial text to 93557, the text number can be saved in the mobile phone’s address book to help make the process even faster next time.

Do you own a smartphone? Then it’s even easier to take care of tasks and manage money while on the go. By downloading the icons you want from your favorite Web sites, including one from your bank, such as WF.com (for Wells Fargo Mobile), you can pay bills, and even send money to family members whether they are in town, traveling out of state, or in another country.

For Arah Erickson, head of mobile banking at Wells Fargo & Company, the ability to manage money on the go allows her to spend more time with her family. “As a mom who works outside the home every day, I have to make the most of each minute. I love that I can pay bills while waiting to pick my kids up from school or from their friends’ birthday parties. I can also look at the balance in my checking account right at the store before I splurge on an expensive household item or gift.”

According to Javelin Strategy & Research, mobile banking may offer a greater degree of security than relying on paper statements because consumers can monitor their accounts any time, any place. That means consumers can spot suspicious transactions and stop fraud far faster than they can with paper statements.

So next time you have a question about your finances and you are not near your bank or a computer, think about “banking on the go.” Banking on your mobile phone can help save time. This allows you more time to do the other things you need and want to do.

By ARAcontent