Mobile Banking Streamlines Money Sharing
Ever go to split a bill at a restaurant, only to be frustrated by someone having to write a check to you? Checks are a bit antiquated, but most people don’t have credit card processors hanging around in their wallets.
If that scene does cause frustration, you may be pleased to know that many banks are starting to offer mobile money transfer services. This enables you to send your friend money right on the spot. No more checks and cash would be needed. And, you can do everything right from your phone.
Chase has QuickPay where you can send money to nearly anyone using their email address or mobile number, as long as has a Chase checking account. Bank of America and Rockland Trust are two banks that also offer this opportunity.
Many small credit unions are starting to adopt mobile money transfers as a way to draw in new customers.
Bruce Spitzer, a member of the Massachusetts Bankers Association, said, “Banks have been a little bit slow, but purposely slow, moving into the mobile space because examiners are looking over their shoulder to make sure banks are doing it correctly to protect customers’ security. So, that’s not a bad thing.”
Stacey Coyne of Rockland Trust said, “Customers are busy. They are working seven days a week. We want to make sure the mobile technology is available to them when they need it 24 hours a day, seven days a week.”
Big names like PayPal and Google Wallet have offered mobile transfers for several years, but they do so for a fee. Even on fee-free transactions, using these programs means working through a third party to manage your bank account.
If more banks start adopting this technology, you may be able to skip the checks entirely.