Pay bills securely5 of 7Smart phones allow consumers to pay outstanding invoices to the bank or third parties, even if they don't have access to their checkbooks or computers. That's because they can use their phones to sign into their checking and savings accounts and initiate a transaction or transfer funds, says Bissell.This mobile banking feature is helpful for customers who may have forgotten to pay a bill in the past but are now very close to the due date. "They could avoid a late fee," he says.Still, whenever it comes to sending money, security will always be a concern. Bissell says that for protection, banks use some of the same security measures with smart phones that they use with desktop access -- such as encryption. "Once a session is encrypted, it's just as secure as any online banking application," he says. Related Articles:Is mobile banking safe?Mobile banking for you?Community vs. big banksOnline banking benefitsRelated Links:Auto loan on cell phoneAre bank branches extinct?Pay by cell phone4 tips to thwart ATM thieves advertisement
Smart phones allow consumers to pay outstanding invoices to the bank or third parties, even if they don't have access to their checkbooks or computers. That's because they can use their phones to sign into their checking and savings accounts and initiate a transaction or transfer funds, says Bissell.
This mobile banking feature is helpful for customers who may have forgotten to pay a bill in the past but are now very close to the due date. "They could avoid a late fee," he says.
Still, whenever it comes to sending money, security will always be a concern. Bissell says that for protection, banks use some of the same security measures with smart phones that they use with desktop access -- such as encryption. "Once a session is encrypted, it's just as secure as any online banking application," he says.
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