Most bank or credit union accounts offer apps or ways to use your phone to track expenses, pay bills, transfer money, and set alerts to fight fraud. Download the app of your bank or credit union from the links on their site so you’re sure to get their app and not a look-alike one.
Check the money management app’s description to know what it does. Many include budgeting tools and bill pay options. Some apps require access to sensitive bank account information. To protect your account and your privacy, research the app developer and check reviews from several trusted sources before downloading. Search online for the app plus the word "complaint." See what other people are saying about their experience.
Find out whether your bank or credit union’s app:
- sets up alerts when bills are due or when you reach your set spending limit
- lets you link your account with a partner or trusted family member, which would give them access to pay bills from or make deposits to your account
- lets you transfer money between your accounts and to other people
- analyzes your spending and keep tabs on your budget categories
Don’t set your devices to remember your password. Enter it each time, or use your thumbprint or facial recognition. Use your bank’s or credit union’s security options, like two-factor authentication.
Protect your accounts. Consider taking your business elsewhere if a money management app doesn’t offer security features like two-factor authentication or encryption but promotes convenience. You might not want to do business using an app that claims “to work like a bank” but doesn’t offer any detail on specific protections for your money.
Think twice before moving your money around a lot. If you regularly transfer your funds from one app to another, or among various accounts, you may trigger concerns from your bank or credit union’s fraud department. They may suspect an app or account is being used for unlawful purposes and might close your account. In some cases, frequent transfers could affect your credit.
