By Ken Holmes | Assistant Vice-President | Centennial
In this digital era, mobile banking has emerged as a game-changer, allowing us to manage our finances on the go conveniently. Gone are the days of relying solely on monthly bank statements or logging into our accounts to stay updated on our financial status.
With the advent of mobile banking alerts, we now have real-time access to crucial financial information. Let’s look at the numerous benefits of mobile banking alerts and how they can help empower you to monitor your finances effectively.
Real-Time Transaction Notifications:
Mobile banking alerts offer the advantage of receiving real-time notifications for every financial transaction. Whether it’s a debit, credit, or transfer, you can stay informed about each movement of funds in and out of your accounts instantly. This enables you to detect any suspicious activity promptly and take immediate action, enhancing your financial security. At Redstone Bank, this notification service is free of charge and helps you to detect account issues and potential fraudulent charges or withdrawals.
Overcoming Overspending:
One of the most common challenges in maintaining financial discipline is overspending. Mobile banking alerts can serve as a useful tool to combat this issue. By setting up customized spending notifications, you can receive alerts whenever you exceed a specified spending threshold. This proactive approach helps you stay within your budget, avoid unnecessary expenses, and make informed decisions about your financial priorities.
Bill Payment Reminders:
Missing bill payments can lead to late fees, penalties, and potential damage to your credit score. Mobile banking alerts come to the rescue by providing reminders for upcoming bill payments. Whether it’s a utility bill, credit card payment, or loan installment, you can configure alerts to notify you a few days before the due date. This ensures you never miss a payment and maintain a positive financial standing.
Account Balance Updates:
Keeping track of your account balances is crucial for effective financial planning. Mobile banking alerts allow you to set up balance notifications, enabling you to receive regular updates on your account’s available funds. This feature helps you monitor your spending patterns, make informed decisions about expenses, and avoid overdrafts or account maintenance fees.
Fraud Prevention and Security:
Mobile banking alerts play a vital role in safeguarding your financial well-being by providing an additional layer of security. With instant notifications for any unusual activity, such as unauthorized transactions or suspicious login attempts, you can take immediate action to mitigate potential fraud. By addressing such incidents promptly, you can protect your funds and maintain the integrity of your financial accounts.
You can customize your alerts; we encourage you to set the threshold amount for the account low because many times, a fraudster will try to use your debit card for a smaller purchase first, for instance, a $1 soda at a gas station, to validate the account. Once that transaction goes through, they know the account is valid, and their next step is to drain the account. If you have an alert set up for any transaction above $0, you would have been notified of the $1 soda purchase and could have stopped any further activity. These online alerts are often our best and fastest tools for fraud detection available to banking customers, especially if you set those limits low.
Mobile banking alerts have revolutionized how we monitor our finances, offering real-time updates and empowering us to take control of our financial lives. By leveraging these alerts, we can detect fraudulent activities, stay within budget, avoid missed payments, and make informed financial decisions. Whether it’s transaction notifications, bill reminders, balance updates, or investment monitoring, mobile banking alerts are an invaluable tool for achieving financial well-being. Embrace the power of mobile banking alerts and unlock a new level of financial control at your fingertips.
You can easily set up these alerts in your Redstone Bank online banking account. Sign into your online banking account and click on “Alerts” in the top right corner. You can also sign into your online account on the mobile banking app and click on “Manage Alerts” to get started. Once you have set up the alerts, you can instantly begin receiving push notifications of your account activity.