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5 reasons to use mobile banking

Good security

"I've never heard of any major security breaches," says Gillen.

Van Dyke agrees. "Security is a perceived disadvantage in mobile banking," he says, "but it's not a reality." He believes that mobile banking is safer than other channels, including Internet banking. "Malware is less likely to threaten mobile banking because of the proliferation of platforms," he says.

Even if you lose your phone, you're safe, say many experts. Bank data is guarded with passwords and other ID checks. Also, you can disable your phone remotely, says Van Dyke.

Mobile banking is ramping up quickly

Mobile banking began catching on in 2007. But already, the big banks offer these services, along with 500 other banks and credit unions. What's more, some of them offer robust features. For example, PNC offers a virtual wallet, where you can see how your money is being spent. It also offers a savings engine that lets you set aside money automatically, says Trebilcock.

No fees

For now, banks aren't changing fees for mobile banking services. However, your phone provider may tack on extra charges. "Depending on your data plan, you may be paying for each message or download," says Gillen. So, it pays to check what your plan pays for.

Easy access

Being able to access financial records anytime, anywhere makes mobile banking appealing. You can check deposits, notice money transfers and monitor transaction history. Those actions give you a safety advantage, too. "The more you monitor your account, the safer you are," says Van Dyke. "The bulk of identity fraud is discovered by people with their own accounts."

In the future, people will have more access to all their accounts. "It will work more like remote control," he says. There will also be more movement of funds and virtual wallets where you can make payments with mobile devices. Already, Bank of America is testing the ability to make deposits remotely.

"For now, mobile banking is in its infancy," he says.

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