Mobile Banking Versus Online Banking

Posted September 23 2016
by PenFed Team
man at table with laptop using smartphone

Sometimes the old standards are the best—for instance, oven-baked pizzas versus the kind that are always soggy when they come out of the microwave (ick!). Newer and faster might not always be better, but they can be convenient and save time. If you’re still banking by driving to the nearest branch every time you need something, it’s time to catch up on the convenience and benefits of online and mobile banking.

Online banking has been around longer than mobile banking, but both are secure and trustworthy ways of managing your money without going to the bank in person. With online banking, you log in to your accounts using your computer. Mobile banking is similar, but uses your smartphone or other mobile device, meaning you can perform many banking functions no matter where you are.

The biggest advantage of both online and mobile banking is that they are ready when you are. You can check your balance, pay bills, and transfer money—after hours, on weekends, or whenever it’s convenient for you. Sure, you utilize a different device for mobile (your phone) versus traditional online banking (your desktop/laptop), but the main difference, and most obvious advantage to mobile banking, is that it allows for a more agile, on-the-go banking experience that is still safe and secure to use.

Despite the number of high-profile security breaches that make the news today, online and mobile banking remain secure and safe. Financial institutions use a number of security protocols and processes to safeguard your money and personal information.

Online Banking

Online banking makes it easy to monitor and manage your accounts from your desk at home. No more waiting for statements to arrive in the mail or driving to the nearest ATM or teller to check your balance—with online banking, you simply use your computer to log in to your accounts. It’s easy to see if that latest check has cleared or to transfer money from one account to another.

Even more convenient, online banking lets you pay bills directly from your accounts. You can also receive bills electronically—fewer paper bills to clutter your desk! Use online banking to transfer money from account to account (even to accounts at other banking institutions), and set up email or text alerts to warn you when your balance is low or bills are coming due. With this kind of access and control, you’ll find you make significantly fewer trips to the ATM and your financial institution’s local branch.

Online banking can save you time. I think we would all agree that rushing across town in heavy traffic or bad weather to reach your local branch before closing time is just not worth the inconvenience or stress. With online banking, you get to choose your own banking hours. Anytime. Anywhere. Need we say more?

Mobile Banking

With mobile banking, you don’t even need a computer in order to manage your money. What’s more, mobile banking on your smartphone or tablet lets you deposit checks using your device’s camera—no more driving to an ATM or branch to deposit a check!

The PenFed mobile app lets you do all these things:

  • Deposit checks.
  • Check your balance and review account transaction details.
  • Check the status of your loan or credit card application.
  • Pay your PenFed loan, mortgage, or credit card account.
  • Transfer funds or schedule recurring transfers between accounts—even accounts at other financial institutions.
  • Create travel notification alerts for all PenFed credit and debit card accounts.

Put PenFed in Your Pocket

Online and mobile banking make it easy to bring PenFed to your desktop or pocket. Find out how PenFed’s online banking can streamline your banking—then download the PenFed mobile app to see how mobile banking can change the way you manage your funds.