Do you trust/use your bank’s mobile app

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
anoop
Posts: 1051
Joined: Tue Mar 04, 2014 1:33 am

Do you trust/use your bank’s mobile app

Post by anoop » Sat Mar 23, 2019 11:41 pm

I’m not a big fan of accessing bank information on a mobile device but it looks like some features like uploading checks can only be done that way. Doesn’t make sense to—why not provide a way to upload images to the desktop web version allowing check deposits via web.

I don’t have any of my fin inst apps on my phone and hoping to keep it that way. If they can’t get the website right, I wonder what they have in their app.

So do you use a smartphone app in your phone for you fin inst? Has it been pretty stable. My experience with app stability and usability has been fair to poor.
Last edited by anoop on Sun Mar 24, 2019 3:08 pm, edited 1 time in total.

bayview
Posts: 1867
Joined: Thu Aug 02, 2012 7:05 pm
Location: WNC

Re: Do you trust/use your bank’s mobile app

Post by bayview » Sat Mar 23, 2019 11:46 pm

anoop wrote:
Sat Mar 23, 2019 11:41 pm
I’m not a big fan of accessing bank information on a mobile device by it looks like some features like uploading checks can only be done that way. Doesn’t make sense to—why not provide a way to upload images to the desktop webs version.

I don’t have any of my fin inst apps on my phone and hoping to keep it that way. If they can’t get the website right, I wonder what they have in their app.

So do you use a smartphone app in your phone for you fin inst? Has it been pretty stable. My experience with app stability and usability has been fair to poor.
I only use my mobile app (USAA) for deposits. When I first started mobile deposits 20+ years ago, it was by laptop. I scanned the check and uploaded the image, then hit send. It was pretty clunky.

Otherwise, I don’t access banking info on mobile. For one, I worry about security, and for another, mobile apps are often very limited in comparison to the computer version.

Sorry, edit to add: yes, I use my phone. It works great except when it doesn’t, but I think that is more a USAA issue than app stability in general.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

User avatar
RickBoglehead
Posts: 4852
Joined: Wed Feb 14, 2018 9:10 am
Location: In a house

Re: Do you trust/use your bank’s mobile app

Post by RickBoglehead » Sat Mar 23, 2019 11:48 pm

Mobile data is fine. WiFi at home. I use Ally and it is fine.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

User avatar
ThereAreNoGurus
Posts: 331
Joined: Fri Jan 24, 2014 11:41 pm

Re: Do you trust/use your bank’s mobile app

Post by ThereAreNoGurus » Sat Mar 23, 2019 11:53 pm

I use my phone for deposits, inquiries, and sometimes paying off cards. It's easy to use. I'm not worried about security at all.

I also use Venmo to pay people instead of using checks or cash.

I don't use a phone for brokerage apps. Much easier on a device with more screen real estate and a real keyboard.
Trade the news and you will lose.

delamer
Posts: 9280
Joined: Tue Feb 08, 2011 6:13 pm

Re: Do you trust/use your bank’s mobile app

Post by delamer » Sun Mar 24, 2019 12:00 am

Yes, I have an app for my primary bank on my phone (and tablet).

I use it regularly for bill paying, transferring funds, and depositing checks. I’ve had an occasional glitch, but it works as needed 95% of the time.

However, I only use the app at home. Therefore, the connection is made through my wifi network rather than through my phone data plan.

HawkeyePierce
Posts: 726
Joined: Tue Mar 05, 2019 10:29 pm
Location: Colorado

Re: Do you trust/use your bank’s mobile app

Post by HawkeyePierce » Sun Mar 24, 2019 12:10 am

Yes. If you have an iPhone, there's no reason to worry about using your bank's app on public wifi. Apple requires all app developers to use HTTPS connections, which are as secure as a VPN (arguably moreso). These are remarkably secure devices—there's nothing to be afraid of.

https://techcrunch.com/2016/06/14/apple ... d-of-2016/

I have apps installed from Schwab, Amex, Citi, Chase, Barclays, Capital One, Wells Fargo, Credit Karma, Square Cash, Venmo and Ameritrade. Mobile check deposit with Schwab has been very reliable for me.

MikeG62
Posts: 2238
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: Do you trust/use your bank’s mobile app

Post by MikeG62 » Sun Mar 24, 2019 7:00 am

anoop wrote:
Sat Mar 23, 2019 11:41 pm

So do you use a smartphone app in your phone for you fin inst? Has it been pretty stable. My experience with app stability and usability has been fair to poor.
I use the BofA app on my phone, almost exclusively for the mobile depositing of checks. I have never had a single issue of instability or the inability to log in and use the app. I have touch ID set up (as well as a security question). I log out the moment I am done. I have rarely logged in to it from anyplace other than my house.

I also have the Fidelity app on my phone and have logged in to check balances or move funds. Here too, never a problem.

I have a relationship with Ally bank, but never felt the need to set up their app on my phone. My touch points with them are much more infrequent, such that logging in from my Mac is just fine. Honestly, since I moved nearly all of my excess cash to Fidelity a year ago (to invest in a treasury ladder and their premium MMF), I have little need to do much with Ally anymore. I am keeping the account open just in case I should need it in the future.
Real Knowledge Comes Only From Experience

User avatar
Cloud
Posts: 652
Joined: Wed Sep 12, 2007 12:43 pm

Re: Do you trust/use your bank’s mobile app

Post by Cloud » Sun Mar 24, 2019 7:09 am

Yes and yes. It's probably safer than a PC.

User avatar
oldcomputerguy
Moderator
Posts: 6357
Joined: Sun Nov 22, 2015 6:50 am
Location: In the middle of five acres of woods in East Tennessee

Re: Do you trust/use your bank’s mobile app

Post by oldcomputerguy » Sun Mar 24, 2019 7:15 am

The only time I use a mobile financial app is to upload checks, and that typically only happens once or twice a year. In those instances, I install the app on the phone long enough to upload the check, then uninstall it. I generally do nothing financial on my phone; I do it all on my Linux box at home. I can't imagine generally needing to access my Fidelity or Vanguard accounts with my phone, and the only mobile access I need to my brick-and-mortar bank can be had via my ATM card.
"I’ve come around to this: If you’re dumb, surround yourself with smart people; and if you’re smart, surround yourself with smart people who disagree with you." (Aaron Sorkin)

UpperNwGuy
Posts: 2632
Joined: Sun Oct 08, 2017 7:16 pm

Re: Do you trust/use your bank’s mobile app

Post by UpperNwGuy » Sun Mar 24, 2019 7:18 am

Yes, I trust the mobile apps, and I have them on my iPhone. I don't use them very much, unless I am traveling, because I like having the extra real estate of my laptop screen.

Like it or not, many of the institutions are devoting more time and money to their mobile apps than they are to their traditional laptop-based online interfaces. I expect the mobile apps to increasingly have features not available on the laptop interfaces.

Hockey10
Posts: 613
Joined: Wed Aug 24, 2016 12:20 pm
Location: Philadelphia suburbs

Re: Do you trust/use your bank’s mobile app

Post by Hockey10 » Sun Mar 24, 2019 7:37 am

Yes and yes. I receive about 3 checks per year. Deposit them with USAA app - it takes about 1 minute.

furwut
Posts: 1534
Joined: Tue Jun 05, 2012 8:54 pm

Re: Do you trust/use your bank’s mobile app

Post by furwut » Sun Mar 24, 2019 7:44 am

Either is fine but I would avoid doing sensitive things over an untrusted network.

In the Apple world I’ve read that iOS, by design, is more secure than macOS.

I haven’t found that apps have reached feature parity with websites yet but it’s bound to happen.

OP, by repeatedly reinstalling your bank’s app you are adding a small risk of unintentionally installing a look alike counterfeit from the App Store. The purpose of the counterfeit is to steal your logon credentials.

User avatar
Elric
Posts: 219
Joined: Sat Dec 08, 2018 12:23 am
Location: Virginia
Contact:

Re: Do you trust/use your bank’s mobile app

Post by Elric » Sun Mar 24, 2019 7:52 am

Yes, almost exclusively for depositing checks. The only rare issue is when it can't read the amount correctly, in which case I deposit the check at the bank. Also to see if an expected transaction has cleared.
I also use the Schwab app, but only to check in on values and changes more often than I should! 😀
"No man is free who works for a living." | Illya Kuryakin

User avatar
Stinky
Posts: 2428
Joined: Mon Jun 12, 2017 11:38 am
Location: Sweet Home Alabama

Re: Do you trust/use your bank’s mobile app

Post by Stinky » Sun Mar 24, 2019 7:56 am

Absolutely I use financial apps on my iPhone. With my primary bank (BBVA Compass), I deposit checks and monitor deposits/withdrawals in real time. I have credit cards with Citi, Chase, and AmEx, and use the mobile app exclusively.

I really like the feature on each of the credit card apps of instant notification of all purchase transactions. I have caught fraudulent charges as soon as they are made - twice so far.
It's a GREAT day to be alive - Travis Tritt

Carl53
Posts: 1853
Joined: Sun Mar 07, 2010 8:26 pm

Re: Do you trust/use your bank’s mobile app

Post by Carl53 » Sun Mar 24, 2019 8:01 am

I have used my iphone to log into my VG account, not via wifi. I really don't like the app though, as it is much to limited in what it can display. I have not loaded other financial institution apps and hope not to be forced to do so.

mrmass
Posts: 275
Joined: Thu Jul 26, 2018 6:35 pm

Re: Do you trust/use your bank’s mobile app

Post by mrmass » Sun Mar 24, 2019 8:21 am

I use Capital One, Fidelity (most used) Vanguard, Alliant, and Chase but only while on 4G or my home or work wifi. I won't bank on any public wifi, phone or laptop.

User avatar
c.coyle
Posts: 177
Joined: Thu Aug 03, 2017 5:10 pm
Location: Eastern Pa.

Re: Do you trust/use your bank’s mobile app

Post by c.coyle » Sun Mar 24, 2019 8:51 am

Cloud wrote:
Sun Mar 24, 2019 7:09 am
Yes and yes. It's probably safer than a PC.
Why is that?
VTSAX - 40%, VTIAX - 10%, VBTLX - 50%

Point
Posts: 178
Joined: Mon Jul 10, 2017 9:33 pm

Re: Do you trust/use your bank’s mobile app

Post by Point » Sun Mar 24, 2019 9:51 am

Yes. I use a number of apps on my iPhone for banking and credit cards. Very secure. Never use public WiFi. Use complex passwords, don’t replicate across different sites, and use 2 factor authentication when available. Also use facial recognition.

Nummerkins
Posts: 358
Joined: Tue Jun 01, 2010 4:41 pm

Re: Do you trust/use your bank’s mobile app

Post by Nummerkins » Sun Mar 24, 2019 10:00 am

c.coyle wrote:
Sun Mar 24, 2019 8:51 am
Cloud wrote:
Sun Mar 24, 2019 7:09 am
Yes and yes. It's probably safer than a PC.
Why is that?
An app on iOS has to be reviewed and approved by Apple to run. On a PC you can run ANYTHING which is why there are so many security issues. Computing on iPhones and iPads IS safer. Not doing financial transactions on them comes from computing ignorance basically.

Android also has an approval process as well but it is MUCH more lax. Also, you can just go into the settings and enable the ability to run anything on Android.

That being said, I do most on my banking and investing from my Android phone. It's a computer, just like a desktop or laptop and there is zero reason to avoid financial apps.

User avatar
bertilak
Posts: 6911
Joined: Tue Aug 02, 2011 5:23 pm
Location: East of the Pecos, West of the Mississippi

Re: Do you trust/use your bank’s mobile app

Post by bertilak » Sun Mar 24, 2019 10:12 am

I use my bank's mobile app to deposit the occasional paper check because it is so convenient. Also, it has instant feedback. Not just "Transaction accepted" kind of feedback but the money shows up in my account almost immediately. I am confident that nothing went awry. Nothing is lost in the mail nor mistakenly credited to the wrong account.
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker (aka S.O.B.), the Cowboy Poet

User avatar
c.coyle
Posts: 177
Joined: Thu Aug 03, 2017 5:10 pm
Location: Eastern Pa.

Re: Do you trust/use your bank’s mobile app

Post by c.coyle » Sun Mar 24, 2019 10:25 am

Nummerkins wrote:
Sun Mar 24, 2019 10:00 am
c.coyle wrote:
Sun Mar 24, 2019 8:51 am
Cloud wrote:
Sun Mar 24, 2019 7:09 am
Yes and yes. It's probably safer than a PC.
Why is that?
An app on iOS has to be reviewed and approved by Apple to run. On a PC you can run ANYTHING which is why there are so many security issues. Computing on iPhones and iPads IS safer. Not doing financial transactions on them comes from computing ignorance basically. . . .
I don't consider myself ignorant.

So, you can be a clueless and computer-ignorant appliance operator on iOS, whereas you have to actually learn some simple computer safety fundamentals on a PC. Got it.
VTSAX - 40%, VTIAX - 10%, VBTLX - 50%

User avatar
teen persuasion
Posts: 962
Joined: Sun Oct 25, 2015 1:43 pm

Re: Do you trust/use your bank’s mobile app

Post by teen persuasion » Sun Mar 24, 2019 11:23 am

No.

I don't trust their website enough, any apps they use are even more suspect. Of course, I don't like the bank very much. I didn't choose it, it was forced upon us in the keyborg assimilation takeover of a regional bank that we loved. The assimilation process was idiotic, everything is a downgrade from the regional bank previously, and after the takeover they closed or sold off many local branches (because they had too many :oops: ). Can't switch away, because they are essentially the only bank left now that they ate the competition, and must use for the HSA deposits. :annoyed

I've automated most things so I have little reason to interact with the bank - DD of most things, all purchases are on CC so it's one payment, etc. Log onto website occasionally to make sure nothing is incorrect, but I hate the lack of a running balance for the checking account (current balance only). :confused Old bank's website had running balance, I thought it was standard practice.

mmcmonster
Posts: 374
Joined: Sun Jan 12, 2014 1:18 pm

Re: Do you trust/use your bank’s mobile app

Post by mmcmonster » Sun Mar 24, 2019 11:24 am

Cloud wrote:
Sun Mar 24, 2019 7:09 am
Yes and yes. It's probably safer than a PC.
And that's the truth for most of us.

You're much less likely to get a trojan/virus on your phone than on your PC. (Though if your PC is running MacOS or Linux/Unix you're probably fairly safe.)

That being said, I use the Wells Fargo and Vanguard apps for information, never moved money with them. I also delete the apps from my phone when I am traveling abroad.

Not that I'm worried about them breaking the security on the phone. I'm more worried about them having access to a wrench: https://xkcd.com/538/

Topic Author
anoop
Posts: 1051
Joined: Tue Mar 04, 2014 1:33 am

Re: Do you trust/use your bank’s mobile app

Post by anoop » Sun Mar 24, 2019 11:28 am

How to check deposits work with apps in iOS? Does th copy of the check show up in iCloud?

jebmke
Posts: 9828
Joined: Thu Apr 05, 2007 2:44 pm

Re: Do you trust/use your bank’s mobile app

Post by jebmke » Sun Mar 24, 2019 11:31 am

I only access financial sites from a VM at home. But I really have no need to get in outside the house. It is extremely unlikely that I would be away from home for more than a couple of weeks. There is nothing I do that couldn't wait.
When you discover that you are riding a dead horse, the best strategy is to dismount.

Topic Author
anoop
Posts: 1051
Joined: Tue Mar 04, 2014 1:33 am

Re: Do you trust/use your bank’s mobile app

Post by anoop » Sun Mar 24, 2019 11:49 am

jebmke wrote:
Sun Mar 24, 2019 11:31 am
I only access financial sites from a VM at home. But I really have no need to get in outside the house. It is extremely unlikely that I would be away from home for more than a couple of weeks. There is nothing I do that couldn't wait.
I used to access only from a browser at home. Regardless of the security there are cameras everywhere once you leave the house, so anything typed on a mobile can be seen by such camera if high res.

And I used to deposit checks via ATM. (I assume that’s not possible via VM you use, please correct if that is not the case.)

But I have some health issues that are forcing increased isolation — long hospital stays and isolation at home. Hence looking at alternative solutions.

In an ideal world I wouldn’t consider these apps and I’d just do what I have been doing so far. Because these apps, just just several others, maybe be gathering data of all kinds without consent.

(My health problems have forced me to compromise on my priniciples in many areas of life. But that would be getting off topic.)

User avatar
Kenkat
Posts: 5347
Joined: Thu Mar 01, 2007 11:18 am
Location: Cincinnati, OH

Re: Do you trust/use your bank’s mobile app

Post by Kenkat » Sun Mar 24, 2019 11:55 am

anoop wrote:
Sun Mar 24, 2019 11:28 am
How to check deposits work with apps in iOS? Does th copy of the check show up in iCloud?
No, you take a picture of the check from within the banking app on the phone and it is uploaded directly to the bank; the bank app is utilizing the camera hardware on the phone via API; it does not use the iOS photo app itself which is what is linked to iCloud.

I use my bank’s app for mobile deposits and the occasional balance or transaction inquiry. Typically using either 4G or home Wifi. I don’t typically use shared / public WiFi with my phone.

drk
Posts: 1427
Joined: Mon Jul 24, 2017 10:33 pm
Location: Seattle

Re: Do you trust/use your bank’s mobile app

Post by drk » Sun Mar 24, 2019 12:17 pm

anoop wrote:
Sun Mar 24, 2019 11:49 am
I used to access only from a browser at home. Regardless of the security there are cameras everywhere once you leave the house, so anything typed on a mobile can be seen by such camera if high res.
Yikes. Where do you live? There are a lot of cameras here in Seattle, but I take note of them and can safely assert that it would not be possible to see anything on my phone nearly all the time.

Topic Author
anoop
Posts: 1051
Joined: Tue Mar 04, 2014 1:33 am

Re: Do you trust/use your bank’s mobile app

Post by anoop » Sun Mar 24, 2019 12:20 pm

drk wrote:
Sun Mar 24, 2019 12:17 pm
anoop wrote:
Sun Mar 24, 2019 11:49 am
I used to access only from a browser at home. Regardless of the security there are cameras everywhere once you leave the house, so anything typed on a mobile can be seen by such camera if high res.
Yikes. Where do you live? There are a lot of cameras here in Seattle, but I take note of them and can safely assert that it would not be possible to see anything on my phone nearly all the time.
Just general paranoia, since I know they have them at airports, restaurants, cafes, stores, etc. I’m in the Sacramento area.

User avatar
JoeRetire
Posts: 3847
Joined: Tue Jan 16, 2018 2:44 pm

Re: Do you trust/use your bank’s mobile app

Post by JoeRetire » Sun Mar 24, 2019 12:28 pm

anoop wrote:
Sat Mar 23, 2019 11:41 pm
So do you use a smartphone app in your phone for you fin inst?
Yes. I use it to deposit checks.
Has it been pretty stable.
I've never had any problems at all.
My experience with app stability and usability has been fair to poor.
It's not clear what you mean by "app stability" here. Are you sure the app is at fault?

Usability is always in the eye of the beholder.
Don't be a lemming.

pasadena
Posts: 333
Joined: Sat Jul 02, 2016 1:23 am
Location: Washington State

Re: Do you trust/use your bank’s mobile app

Post by pasadena » Sun Mar 24, 2019 12:33 pm

I have an iPhone, and as others said above, I consider it more secure than most computers. Of course you can always run into an app that doesn't do what it says, but you run the same risk (or worse) with a website, and we're talking about financial institutions here, not random apps from random devs.

That said, I don't use them when connected to a public wifi network.

User avatar
vineviz
Posts: 5391
Joined: Tue May 15, 2018 1:55 pm

Re: Do you trust/use your bank’s mobile app

Post by vineviz » Sun Mar 24, 2019 12:41 pm

anoop wrote:
Sat Mar 23, 2019 11:41 pm
So do you use a smartphone app in your phone for you fin inst? Has it been pretty stable. My experience with app stability and usability has been fair to poor.
I use apps on my iPhone from a plethora of financial institutions, with generally excellent stability and usability.
"Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves." ~~ Peter Lynch

User avatar
Doom&Gloom
Posts: 3019
Joined: Thu May 08, 2014 3:36 pm

Re: Do you trust/use your bank’s mobile app

Post by Doom&Gloom » Sun Mar 24, 2019 12:47 pm

No. I haven't found a compelling reason to access any financial account via my phone. So far that hasn't seemed to be an inconvenience.

SpaethCo
Posts: 188
Joined: Thu Jan 14, 2016 12:58 am

Re: Do you trust/use your bank’s mobile app

Post by SpaethCo » Sun Mar 24, 2019 12:58 pm

c.coyle wrote:
Sun Mar 24, 2019 8:51 am
Cloud wrote:
Sun Mar 24, 2019 7:09 am
Yes and yes. It's probably safer than a PC.
Why is that?
Assuming a recent version of Android or Apple IOS, and you haven't rooted/jailbroken your phone, besides app validation mentioned above, the other benefit is that the applications all run un-privileged within sandbox environments. On these devices you can't install things that gain hardware "ring 0" access, like device drivers. All of the hardware access controls are strictly locked down by the device manufacturers and controlled via a secure code-signing process.

What that means is if you happen to download BadApp from the app store and install and run it, the operating system strongly guards that app from being able to reach into BankingApp and pull any information out of that container.

This is a stark contrast to the traditional operating environment of Windows where the typical logged in user has full admin privileges, they can launch any application from any source anywhere, and any given app can interact with both other applications and the shared global filesystem.

For 99.999% of people, mobile devices (tablets and phones) are actually the most secure computing devices they own.

User avatar
jhfenton
Posts: 4245
Joined: Sat Feb 07, 2015 11:17 am
Location: Ohio

Re: Do you trust/use your bank’s mobile app

Post by jhfenton » Sun Mar 24, 2019 12:59 pm

Yes. I use my credit union's excellent mobile app regularly, most often to deposit checks. I use Vanguard's mobile app occasionally. I use Fidelity's mobile app very occasionally.

As others have said, my iPhone and iPad are likely more secure than my Mac and my Windows laptop (work computer), although I don't have any reason to be concerned with those either. (I don't do any financial transactions on my wife's or my kids' computers because I don't control them. I'm also not worried about my employer having secondary control over my laptop.)

SpaethCo wrote:
Sun Mar 24, 2019 12:58 pm
For 99.999% of people, mobile devices (tablets and phones) are actually the most secure computing devices they own.
+1

Post Reply