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Busting the Myths of Mobile and Online Banking

Posted by MoneyWisdom Newsletter on Jan 18, 2019 3:06:13 PM

Busting the Myths of Mobile and Online Banking

Over half of all U.S. adults use online banking services.* Are your concerns about banking online stopping you from joining in? You may be surprised to learn it’s more secure than ever and virtually anything that can be done in-person can now be done, well, virtually. Take a moment to erase your fears and dispel some myths of mobile banking.

Myth: My banking information is at risk when it’s sent over the internet.

Reality: Federal laws and regulations require financial institutions to keep customer information secure and confidential. On your end, as long as you’re on a secure internet connection (such as a home or work network), have anti-virus software, and are on your financial institution’s website or app, then your information shouldn’t be at risk. To be sure you’re on an official and secure website, manually type in the web address instead of clicking a link. You should also look for an “https:” (the “s” stands for “secure”) or a small lock icon next to the web address. To ensure your app is safe, always keep it updated to the latest version. At Hanscom FCU, we use multifactor authentication to verify a member’s identity when they attempt to log in to their account; an example is an account login along with a fingerprint scan or a Secure Access Code.

Myth: I still need to go to a branch or ATM to deposit checks

Reality: Hanscom FCU offers mobile check deposit for smartphones and tablets. Using our mobile app, you can snap a photo of a check’s front and back and have the money deposited into your account, whether you’re home or on the road.

Myth: You can’t transfer money to another financial institution that way.

Reality: Au contraire! You can easily transfer money to another credit union, bank, brokerage, or any other financial institution through Hanscom FCU’s Online Access HD. Log into your Hanscom FCU account, select External Transfer on the drop-down menu, then select the Transfer Money tab. All you need is your other financial institution’s routing number and account number to get started.

myth: I can’t communicate with an actual person when I bank online.

Reality: True, you don’t get face-to-face interaction unless you visit a branch. However, phone support is available so you can get assistance outside of normal business hours – something a physical location can’t offer.

Visit www.hfcu.org/access for more information about Hanscom FCU’s mobile and online banking and get started today.

* Source: Pew Research Center.

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Topics: Online Banking, security, Mobile Banking

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