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Online and Mobile Banking Features

What you'll learn: Features of online and mobile banking


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 features 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 online and mobile banking feature you can use to your advantage is that they are ready whenever 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 and online banking. The main difference, and most obvious advantage to mobile banking, is that it allows 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 several 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 and finally get rid of those stacks of paper that are cluttering your desk. Use online banking to transfer money from account to account and set up email or text alerts to warn you when your balance is low or bills are due. With this kind of access and control, you’ll make significantly fewer trips to the ATM and your financial institution’s local branch.

Online banking will save you time. I think we all agree that rushing across town in heavy traffic or bad weather to reach your local branch before closing time is not worth the stress. With online banking, you get to choose banking hours that work for you. Anytime. Anywhere.

Mobile Banking

You don’t need a computer to manage your money. 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 money into your account.

Avoiding fees is a given with mobile banking. Sometimes accessing your money at a branch or online can incur fees. Mobile banking apps remain free to download and manage your money. Just be sure to understand what your phone’s data plan covers in terms of downloads, texts, and data use.

Transactions will remain secure. Financial institutions use several security protocols to keep you safe when using mobile banking. Some of these protocols include two-factor authentication and biometrics. It is still important to always take matters into your own hands when it comes to security – keep yourself password protected and avoid using public Wi-Fi when using mobile banking.

You can use PenFed’s newly redesigned mobile banking app to:

  • Deposit checks.
  • Check your balance and review account transaction details.
  • Check the status of your loan or credit card applications.
  • Make payments to a PenFed loan, mortgage, or credit card account.
  • Transfer funds or schedule recurring transfers between PenFed accounts or 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 features 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.