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Understanding Mobile Banking

October 14, 2016

In today’s world, we prefer to digitize everything. From paperless bills to banking apps, managing your money has become a quick and painless process than can usually be taken care of with just a few clicks. But, there are still quite a few skeptics out there who are worried about various aspects of online banking. Below are some common myths about banking online, and why they are false.

Myth: Banking online is more likely to get you hacked.

Truth: Banks have incredible security measures on accounts, as they don’t want your information to get stolen anymore than you do. Many banks offer an app or login service that is heavily secured to make it harder for hackers to enter. While no security is foolproof you can help prevent theft by changing your password regularly, using a password that is different from the rest of your accounts, and checking your bank account often. Online banking can actually make it easier to keep your credit and/or debit card safe. For instance, Bank of the James offers CardValet service so you can monitor your card activity on the go, turn it off if it get stolen, set a location boundary for use, and much more.

Myth: With online banking, there is no paper trail.

Truth: When you bank online, you have access to your entire transaction history, 24/7. This makes it easier to not only pick up on fraudulent spending faster, but also prevents you from having to rummage through your filing cabinet at 2AM to see if you paid your electricity bill. Going paperless also makes it harder for “dumpster divers” to stumble upon any personal information. If you really like having a paper record, you can always download your statements and print them out for your records.

Myth: Online banking is expensive.

Truth: Most banks provide the same rates to online customers as they do regular accounts. At Bank of the James, that means you still get no hidden fees.

Myth: All I can do online is view my account.

Truth: Here’s a short summary of all the things you can do with a mobile banking account:

Myth: I’m too old to bank online.

Truth: In a study done by Market Rates Insight, Some 65% of Baby Boomers and 61% of seniors say they like to bank online. If you are not comfortable using your bank’s website or app, have a bank representative walk you through it. This can usually be done on the phone, but can also be conducted in person.

Mobile banking is not only convenient, it is also safe and secure. With all of these myths now debunked, what’s stopping you from banking online?

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