If you’re worried about the security of mobile banking, you’re not alone. Mobile banking apps use a wide array of complicated passwords, biometric tools (like thumbprint or facial scanning), and two-factor authentication to make sure you’re you before “you” try to mess with your money. But preventing anyone from being able to guess how to log in to your account does no good if your phone’s got malware on it that gives would-be baddies a wide-open back door.
Not content allowing iPhone users to simply pay for their purchases via its mobile wallet, Apple is reportedly working on a peer-to-peer payment service that will let individuals send money to each other as easily as they would send off a text. [More]
Consumers’ Changing Banking Habits Led To 1,400 Bank Of America Branches Shuttering, More Cuts To Come
Over the past several years, Bank of America has revamped the way it provides banking services in an effort to cut costs and respond to consumers’ changing banking habits. Those operation modifications have not only included shutting down some drive-thru windows, but the closure of nearly a fifth of the company’s branches. [More]
Customers of Fifth Third Bank will have fewer options when it comes to doing business at a physical location as the company plans to close or consolidate 100 branches and scrap plans to open 30 new locations. [More]
Is the convenience of mobile banking leaving underserved and unbanked consumers in the dust? That’s an issue that the Consumer Financial Protection Bureau is looking into. [More]
Don’t like going to the bank? Aren’t interested in fees or maintaining a minimum balance? Not to worry, there’s a new service just for you. That is if you’re a T-Mobile customer. The company just announced it’s heading into the banking industry. [More]
The idea sounds kind of neat — you go into an app on your smartphone, pre-order the amount of cash you’ll want to pick up from the ATM at a later point, then it’s waiting for you when you arrive. So-called cardless ATMs are being tested and some are touting the technology as the future of banking, but is it really that much of an improvement over the current system? [More]
David’s Android smartphone, a Galaxy S, is still working just fine. It just has one problem: he can’t upgrade it to a newer version of the Android operating system. He’s stuck on 2.2. So what? It doesn’t affect him all that much except for how his bank’s app requires a newer version of Android than that. His phone gets stuck in a loop of being unable to update. [More]
Before snapping photos of her money order with Bank of America’s mobile deposit app, April took the time to make sure that money orders were permitted. She lives 200 miles away from the nearest Bank of America (yes, there is such a place in this country) and can’t go to a branch or ATM to deposit it. The app’s “help” section said that money orders are totally allowed, so she went ahead with the deposit. They rejected it, and customer service told her that money orders can’t be deposited with the mobile app. Well, fine. Maybe she’ll just go ahead and deposit that money order at a bank that’s local to her.
Overall, customers seem pretty happy with checking accounts from Charles Schwab Bank: especially the part where you can deposit checks by mobile phone and have your ATM fees refunded. Dan came across a situation where online-only banking is not superior, though: when you need to deposit a third-party check. That is, a check made out to someone else, but endorsed over to the account holder.