Mobile technology is rapidly becoming mainstream when it comes to personal banking.
It’s already proving to be a reliable tool in helping people know exactly where their finances stand. One of the main ways is the text and email alerts smartphone users receive from their financial institutions and mobile money apps. Which alerts belong on your phone?
The Best Mobile, Text and Email Banking Alerts
Start with bill payment reminders, security alerts and low bank balance alerts. Below are the top email and text money alerts. Setting these up can make a big difference in your financial life.
Low Balance Alert: Younger Americans, especially college students, are impacted the most when it comes to bank overdraft fees. With the average overdraft fee at $35, repeated overdrafts can really add up. They can even threaten your credit health since bank overdrafts show up on statements that mortgage and auto lenders often look at along with you credit score. Setting up a low balance alert straight to your smart phone or laptop may help you avoid overdrafts.
Bill Payment Alerts: Find out the monthly billing dates for your credit cards, student loans, utilities and rent. Then set up bill payment alerts, so you won’t miss any payments. These alerts can help you save money on late fees and help to boost your credit score by encouraging you to repeatedly paying your bills on time.
Unusual Account Activity Alerts: These alerts may be one of your best insurance policies against being victimized by identity theft. They can tell you if there has been excessive spending on your debit or credit card, or if there’s been a recent password, address or other personal account change. Chances are you were the one spending aggressively with your credit card (it often happens around the holidays), or it was you who changed your password. But if it wasn’t, these alerts could give you an early heads-up that identity theft fraudsters may have captured your credit card or bank account number, and are looking to siphon funds from your account.
Mobile, Text and Email Deposit Alerts: These alerts may notify you when your funds are available and when your deposit is received by the bank. That allows for better planning on bill payments and spending. It’s also nice for your piece of mind.
Changes to Credit Score: Alerts that ping you when your credit score has changed keep you updated on your credit health. They also come in handy when you’re about to make a big financial move, like buying a car or applying for a graduate school loan. Getting a timely alert about your credit score changes makes that process simpler because knowing your exact credit score can help you get better interest rate terms.
More Control For Consumers
Mobile, text and email alerts put more control into your hands, and that’s a big benefit when it comes to getting your personal finances rolling in the right direction. No doubt, these alerts are a welcome addition to the banking landscape. They can make any financial consumer’s life easier — especially if you choose the right ones.