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Myth Busting: Mobile Banking

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Mobile banking is becoming more and more popular — it’s just the most convenient way to bank to check your balance, transfer funds, make payments and deposit checks.

But like everything we do from our phones, how safe is it? We’ve busted some mobile banking myths below.


1) Mobile banking poses serious security risks
Mobile devices often are more secure than a computer. On a mobile device, downloads must be approved — making it more difficult for hackers to download malware. Using the City CU app instead of a mobile browser helps to avoid navigating to a fake site.

2) Checking your balance via mobile banking is a hassle
Logging in to the mobile app — sometimes using only your fingerprint — takes only seconds and is more convenient than waiting until you’re near a computer or have time to call or visit a branch.

3) No one accepts mobile payments, and no one uses mobile banking
90% of mobile banking users said they preferred using apps over going into a branch, and 68% of Millennials said they could see their smartphone replacing their physical wallet. As more consumers experience the convenience of mobile banking, it’s become the third most used app on a smart phone, second only to social media and checking the weather.

4) Mobile banking is not secure because my phone could be stolen
If you always keep your mobile device password protected and disable auto sign-in for banking and financial apps, you should be safe. Entering your secure password each time decreases the chance of a thief getting into your account.

5) I might do something wrong and really mess up my account
Mobile banking apps are designed with multiple fail safes. In most cases you’re asked to confirm or review the transaction before it’s submitted. If you’re using the City CU app and make a mistake, contact us and we’ll do our best to resolve the situation. When making transactions, remember to go slow and read any messages on the screen.

6) Mobile is great for reaching younger audiences
This is true — and it’s also true that consumers of all ages use and value the ease and convenience of mobile banking. City CU strives to keep mobile banking simple for everyone. Mobile banking is intended to make things easier on any Member regardless of age.

7) You cannot do much with mobile banking
The majority of the transactions you can do in a branch — like transferring funds between accounts, checking your balance, depositing checks and even applying for a loan — can be done even more easily on the mobile app.

8) Mobile banking is expensive
City CU’s mobile app is free from the Apple or Google Play Store and using it over wifi doesn’t even use your phone’s data plan.

To learn more about our mobile app, click Here.