Read More: How to Set Up the Android Pay App (and Why You Should!)

Why Use Android Pay?

At its most basic, Android Pay lets you leave your debit cards and cash at home. If you don’t want to carry around a wallet anymore, Android Pay is a way you can pay for goods and services using only your smartphone.

Which Banks Have Recently Come to Support Android Pay?

34 new banks and credit unions around the country have come to support Android Pay. These banks and credit unions are some of the smaller banks in the country, and include a wide variety of institutions, such as United Bank, Midland National Bank, and Radius Bank.

The addition of these new institutions comes on the heels of Chase Bank’s support of Android Pay, the last of the nation’s largest four banks to support the app. Now, all four of America’s largest banks support Android Pay, as well as these 34 smaller institutions. In total, nearly 350 U.S. banks, institutions, and credit unions now support Android Pay.

How Do You Use Android Pay?

To set up Android Pay, download the app from the Play store. Once downloaded, click on the “+” sign to add your information. The app will then ask you to enter your debit or credit card information. On the new screen, the app will ask you to enter the type of card you want to use and take a picture of the card so the app can verify it. The app pulls the details off of the card and fills in the rest of the information for you.

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What Are Cardless ATMs?

At their most basic, cardless ATMs will not be ATMs in a traditional sense. Instead, banking mobile apps will generate a code that consumers use to unlock their bank accounts. They can then use this code to withdraw money (yes, physical, paper money) from their accounts by tapping their phones when they are in front of an ATM. Then, the ATM will dispense money in the same way it would with a debit card.

Read More: A Brief Guide to Using Mobile Banking Apps

What Banks Are introducing Cardless ATMs?

Major American banks like Wells Fargo, J.P. Morgan Chase, and Bank of America have all designed plans for cardless ATMs. More major banks should be adding this technology to ATMs soon, too, if they want to remain competitive.

When Will These ATMs be introduced?

If you’re excited to use card-free mobile payments with ATMs, then you won’t have to wait much longer, especially if Wells Fargo is your bank. Wells Fargo users can withdraw money at any of the Wells Fargo ATMs around the country using their smartphone app. After a pilot program, the company implemented the phone-reading technology at its 13,000 ATMs around the country.

Why Are These ATMs Much Harder to Hack?

The reason why cardless ATMs will reduce fraud is primarily because they’ll reduce skimming, which is the practice of copying card and ID numbers from the magnetic strips on plastic cards used in ATM machines. In skimming, scammers use electronic devices, specifically fake card readers, to copy your personal information and your PIN number. Users wanting to withdraw money put their debit cards into the fake device, which, in turn, relays their information. At the same time, the scammers use cameras hidden near the ATM to record users’ pin numbers to use in conjunction with the card itself.

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The malware derives from a fake flash player app, available for the latest and previous versions of Android, that displays a screen overlay on top of all apps to follow making it merely impossible for users to identify. In other words, the app may be closed or cancelled but the malware will remain active in the background.

As an added inconvenience, users are unable to open favorite apps like Instagram, Google Play, Whatsapp and Snapchat unless credit/debit card information is entered. At this stage, it’s unclear how many users have been affected.

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Just because customers want banking to be easy and convenient, however, doesn’t mean that they don’t also want their money to be completely safe and secure. And not only do customers want their funds to be safe from thieves, but they also want all of their financial and personal data to be well-guarded, too.

Read More: Ensure That Your Data is Being Securely Stored

Which banks have successfully launched apps that have that much-desired mix of safety and convenience? Here is a list of the top five online banking apps that walk that fine line:

1. American Express didn’t start out as a bank, but its banking app allows you to link easily with other banks to make fee-free saving easy.
2. Capital One consistently wins praise for its “Sureswipe” feature and for the overall reliability of its app, since no one wants to try to deposit a check and get the dreaded “service not available” message.
3. Chase has been investing heavily in its online banking app in recent years. The result is a feature-rich experience that has functions (like a touch-ID log on) to allay your safety concerns and smart design (like showing images related to your location) for a sense of fun.
4. PedFed, like many large credit unions, is making a real effort to move its customers to online banking to keep costs low. With its pleasant interface, that effort is likely to succeed.
5. Simple is a totally online banking platform, so it makes sense that it knows what customers want from an online banking app. Its offering is attractive and intuitive.

One thing you absolutely must consider, no matter which banking app you choose, is how safe and secure your own phone is. Mobile phones are vulnerable to hacking just like other computer devices are. The best way to protect your financial information is to install products, like those available from PSafe, that have been specifically designed to keep your phone and other devices safe and secure from hackers and thieves.

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Credit Card Vs. Debit Card
If you normally use a debit card for your online shopping sprees, you may want to rethink that decision. If your card info is stolen, and somebody makes purchases, the credit card holder often has less liability than the debit card holder.

Read More: How to Prevent Security Cameras From Being Hacked

There are laws in place to protect credit and debit card users, but they both differ a bit in how they handle stolen information or fraudulent activity. Credit cards have the Fair Credit Billing Act, or FCBA, that puts the card holder at a maximum liability for fraudulent card use of $50. If your card is reported stolen (or lost) before these fraudulent shopping sprees occur, then your liability becomes zero.

There are many credit cards that offer this protection, but it is important to read the fine print before you commit to one company over another.

The Electronic Funds Transfer Act, or EFTA, is similar to the credit card laws. It also protects the original cardholder, yet with a significant difference. For debit cards, there is no maximum liability.

You have sixty days to report your lost or stolen card under EFTA laws. After that point, any money taken from your account is lost. That’s not the best of news for frequent online shoppers.

What You Can Do
If you must use a debit card for online purchases, make sure that it is a card without a large balance. If someone accesses your account, they won’t be able to run off with everything.

For better security, look into your overdraft protection. Overdraft protection is frequently used with a checking account, and, in case of a lack of funding in the checking account, it uses funding from the savings account to cover the remainder of the balance.

If a thief is using your card, they have access to both of your accounts–and can wipe out your checking and savings accounts in one blow. Contact your bank to see how your checking account is protected.

Of course, you can always use a prepaid debit card. This option offers more control. If you lose access to the account, you won’t be turning over your checking and savings account funds, but will only lose whatever you had put on the card.

Bottom Line
Consult with your bank to see your best options. Then, help keep your web browsing safe from malware and virus threats with PSafe TOTAL. It offers advanced protection to keep your web surfing secure.

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Branchless banking is spreading because it offers several benefits to the customer. First, they save the user a good sum of money, because these banks don’t have distribution channels to maintain. As a result, branchless banks do not have an incentive to charge their clients any excess fees, as the fixed costs of their business is very low. In fact, it is estimated that branchless banking is 50% cheaper than banking with a standard branch. Consequently, the use of branchless banking is frequent among those who have low incomes.

Read More: Customize Your Android’s Quick Settings in a Few Clicks

There are several benefits associated with branchless banking, other than financial savings. For instance, with branchless banking, the bank isn’t closed on Sundays. Services usually operate 24 hours per day, depending upon the agent providing the branchless bank. You also forgo the long lines at the bank whenever you take advantage of this new technology. The ATMs offered by branchless banks are also more convenient than the ones provided by standard banks. For instance, most branchless ATMs allow you to withdraw cash in smaller increments. While most regular ATMs only allow you to withdraw a minimum of $20, several branchless banks allow you to withdraw amounts as low as $1.

There is also little to no paperwork involved with branchless banks. Thus, this system of banking is very convenient for those with low income or low literacy. Many people are too busy working to have time to deal with the stresses of dealing with a standard bank. The simplicity of branchless banks makes it easier for anyone with limited time to manage their finances.

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1. View Your Transactions

Once you’ve downloaded the app to your phone and set up your account information, you can view your recent transactions. First, sign into your account. Your account balance should appear on the main screen. Next, click on the account you want to view. You can see money you’ve spent — usually represented with a dash or in red font — and the money that’s been deposited into your account — often represented in blue. You can also see which transactions are pending and which ones have been cleared.

2. Pay Bills

Another helpful feature, Bill Pay, lets you add payees, schedule automatic payments, and transfer funds directly into others’ bank accounts. First, you’ll need to add payees to your list. Under Bill Pay, you’ll see a screen that says something like “Manage Payees.” To add a new one, you’ll likely need your intended recipient’s account number. Once that’s set up, you can schedule either one-time or recurring payments directly from your phone.

3. Deposit Checks

If you’re still receiving paper checks, you don’t have to go to the bank anymore. Instead, online apps use your phone’s camera to deposit a check directly to your account. First, click on the “Deposit Check” button in your app. Next, sign the back of your check as usual. The app will require you to take a picture of the front and back of your check. Be sure to position the check in bright light on a dark surface so the shot is clear enough to read the account information on the check. After you fill in the check’s amount, the app will deposit the money into your account immediately or within a few hours.

4. Set Alert Notifications

Your online banking app will send you text message notifications for any parameters you specify. For example, you could set your app to notify you when you’ve made too many withdrawals in one day or when an account dips below a certain dollar amount.

While it’s great to master mobile banking for your own piece-of-mind, you still are transferring sensitive financial data through your smartphone. Double your protection by downloading PSafe Total. The free software keeps your phone secure with proven antivirus and antitheft features.

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