A Love Letter To Mobile Banking In Honor Of ‘National Online Banking Day’

How many of you remember going to the bank with your parents when you were little kids and getting a lollipop or some kind of sweet treat?

Congrats, your childhood wasn’t that awful!

All kidding aside, the way we bank today has evolved tremendously. The need to go to a physical bank location and speak with a teller continues to decrease as the rise of mobile and online banking increases. It’s actually quite ironic because in my area, I’m always perplexed at the amount of banks still opening up new locations.

As a millennial, and in a larger sense someone who has no patience to wait in line, the idea of doing all of my banking online is extremely advantageous. The way our parents had to balance a checkbook and then go to a bank or wait for a bank statement to ensure their accuracy seems archaic nowadays. Today we can login to our accounts right on our mobile devices.

I grew up in a household where financial education and money matters were stressed. I was taught from a very early age that banks will and can cheat you at any chance they get. For instance, late fees are a tax on stupid people. It’s not hard to forget when your bill is due in today’s modern banking era.

And when you do have an issue with your bank account or transactions, you can go within the app to seek assistance or have your phone auto dial a customer service representative. If I can get my way over the phone and not have to do it in person is a giant sigh of relief.

Consequently, one of the many reasons I’m appreciative of online banking is that I can monitor each and every transaction that goes on with my account. I don’t have to worry about fraud taking place the next time I go to a bank or get my monthly statement. Your financial future is in the palm of your hands and it’s up to you whether you make smart decisions.

To be quite honest, the fact that all of our banking information and credit card information can be or is already stored in our phone should scare us to be more responsible with our finances. The genius of online banking is that we no longer have an excuse to not know how much money we have or if we’re making poor financial decisions.

While it’s all fun and games to joke with our friends about how “broke” we are before we indulge in another happy hour or Postmates delivery, with online banking, it’s serving as a digital accountability tracker. We should never have an excuse to overspend, overdraft or be at risk for ruining our financial future with bad credit.

Understanding credit card interest and penalties and balance transfers are no longer a complicated booklet that we toss to the side when we get a new credit card or bank account. All those terms and guidelines are accessible online for us to review and be privy to. If we ignore it, then we only have ourselves to blame for our financial ruin.

Lastly, online banking has evolved into the way we share and transfer money to friends and family. With apps such as Zelle, Cash App, Venmo, it’s never been easier to keep track of what your friends owe you! Going out to dinner or a group excursion has become significantly easier because we can transfer funds instantaneously from our phones to our friends and families and not worry about having cash to cover our share.

I am a big proponent of mobile and online banking. It’s important that we take charge of our finances, and given how much time we spend with a phone or other handheld device, we no longer have an excuse not to know our financial standing. One right or wrong monetary decision is literally in our hands.

Featured Image via Unsplash

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