July 27, 2016 in Checking

3 mobile banking alerts everyone should activate

Low balance. Mobile deposit. Unusual activity.

If your bank isn’t already notifying you about these issues with your account, you probably haven’t set up the alerts in your mobile banking app. And that’s something you might want to do right away.

Why?

Because they will help you stay informed about your finances whenever, wherever and however you want, says Michelle Moore, head of digital banking at Bank of America.

These alerts are highly customizable and can be part of your best practices for smart financial management. Log in to your bank’s app or give your financial institution a call for help setting up alerts.

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Protecting your money

So, what exactly do these alerts do?

Although someone who has fraudulently used your bank account can’t necessarily open new lines of credit, it doesn’t hurt to check your credit report for unusual activity if you’re a bank fraud victim. Get your report for free at myBankrate.

Alerts make you smart

Alerts can be tricky to set up. A 2015 study from Javelin Strategy & Research found consumers often had to search through multiple menus online and complete as many as 10 steps to create a bank alert.

Still, alerts are hot stuff. A June 2016 Bank of America survey found that 87% of people who use mobile banking had set up alerts. An earlier Federal Reserve study found 57% of mobile banking users had received a text message, push notification or email alert from their bank.

Not using alerts means you’re missing out on an opportunity to better understand your banking activities. You could be hit with returned items or overdraft fees, or you could just be perpetually confused about your finances.

As Moore says, “Alerts are really about knowledge and the power to have the best financial management you can.”