Digital tools are revolutionizing the banking industry. As more credit unions are known for providing a warm, personal banking experience, but that doesn’t mean members miss out on the latest tech tools.
Here are some of the top state-of-the-art banking features commonly available to credit union members.
Trackers and calculators
Credit unions like Navy Federal Credit Union understand that in order to budget today and plan for tomorrow, it’s vital to know where your money goes and how your financial choices affect the future. That’s why they often offer spending tracker tools that automatically categorize debit and credit card expenses. These advanced tools let you create and manage monthly budgets, help you track both current and historical spending activity with user-friendly charts and graphs, and send email alerts when you’re nearing the spending limit on one of your budget categories.
As you look forward into the future, convenient online calculators can help you compare financing options, show how payment schedules affect total interest paid, help you determine how much you can afford to borrow, and even plan what you’ll need to save for retirement.
The introduction of online banking revolutionized personal finance by allowing customers to complete most routine banking transactions from their personal computers. Mobile banking takes things up a notch by making it possible to bank via smartphone 24/7 from almost anywhere. Available for Apple®, Android™ and Kindle platforms, mobile banking apps let you securely:
• Transfer money between your accounts or to other credit union members.
• Pay bills by scheduling one-time payments or automatic recurring payments up to a year in advance.
• Deposit checks remotely by photographing them with your phone and filling out a remote deposit slip.
• Activate or deactivate debit and credit cards.
• Update passwords and PIN numbers.
• View account history.
• Receive account alerts and notifications, or inquire about accounts via text banking.
If you’re tired of fumbling through your wallet to find your checkbook or a particular credit or debit card when shopping, digital wallets can provide just the solutions you’ve been waiting for:
At the store
Near-field communication technology (NFC), now included on many smartphones, coupled with widespread merchant upgrades to EMV chip card readers makes it possible to complete purchases by simply holding your smartphone within close range of payment terminals. To get on board, load your debit or credit card information into your phone’s digital wallet app, and you can make contactless transactions wherever you see payment terminals displaying the Visa payWave® or MasterCard payPass® symbols. Then approve each transaction either by entering your PIN or scanning your fingertip.
Digital wallet apps such as MasterPass and Visa Checkout eliminate the time and hassle of entering payment, shipping and loyalty membership info for each online purchase. Once you’ve stored this data in your digital wallet, you’ll never have to type it in again. Simply log in with your device at participating retail websites to pay in a single step.
Whether you’re shopping in person or online, your privacy is protected by multiple layers of security.
Today’s credit unions provide all the tech tools required to satisfy even the most savvy customer. The convenience, security and organization these popular features bring will also provide the foundation for a lifetime of financial health.
© Copyright 2016 NerdWallet, Inc. All Rights Reserved – Roberta Pescow, NerdWallet
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