Debunking 7 Mobile and Online Banking Myths

Many Americans had to adopt online and mobile banking during the COVID-19 pandemic because they didn’t have access to the brick-and-mortar branches they usually visited. In fact, mobile banking traffic jumped 85% in April 2020.¹ Now that you can return to your nearest branch, you may feel less inclined to turn to your devices. But you shouldn’t write off these methods just yet. There are many myths and misconceptions related to digital services that may have kept you from enjoying them in the past. Below are a few to reevaluate so you can use your bank or credit union’s online and mobile banking services with confidence both now and in the future.

Common online and mobile banking myths   

1. It’s not secure 

If a financial institution uses secure banking technology, you can feel more confident your money and information will remain protected. General Electric Credit Union (GECU) uses this in addition to multi-factor authentication for layered account protection. Additionally, some financial institutions’ mobile apps allow you to set up biometric security features like fingerprint scanning or Face ID to unlock your account. You’ll never forget the password or risk having it discovered because you’re the key.   

Plus, there are many cases in which mobile or Online Banking is actually the safer option. For example, paper statements have the potential to get stolen out of your mailbox, whereas electronic statements are housed securely within your password-protected account. 

2. You’re on your own 

Some people may shy away from using online and mobile banking services because they may assume they won’t have access to support should they need it. Whether you need help depositing a check or viewing your transaction history, GECU Member Support is there to lend a hand. Simply contact them through the secure email or chat function in Online Banking, the mobile app¹, or our Contact Us page for a quick response during normal business hours. 

3. It’s not insured

The National Credit Union Association (NCUA) insures your money up to $250,000 per person, per credit union, and per ownership category (single or joint accounts). For example, if you have $250,000 in a single checking account and $100,000 in a joint check account at the same credit union, both accounts are covered by NCUA insurance. 

Tip: Use the NCUA Share Insurance Estimator to see if all your funds are covered. 

This coverage extends to any accounts you open online or deposits you make electronically, too. That’s because the accounts are essentially the same, you’re simply accessing and managing them differently. 

4. You must be tech-savvy 

GECU’s Online Banking feature is simple, convenient, and intuitive, helping you to streamline your financial needs. If you feel intimidated and want to take a test drive before enrolling, visit our Online Banking webpage and scroll to the bottom for an interactive demo. Plus, our mobile app is top rated and available for download in the App Store and Google Play. 

5. Losing your device puts you at risk

Losing your phone or laptop doesn’t mean the person who finds them are able to access your mobile or online banking account. Your login is password protected, which is why it’s so important to come up with a good password that utilizes upper-case letters, lower-case letters, and symbols. Don’t use anything a criminal could easily guess, like password123, to ensure your funds stay secure.  

6. The functions are limited

You can complete many of the same functions through mobile and online banking that you would at a branch. This includes:

• Viewing your account balances and information.
• Checking your transaction history.
• Transferring funds.
• Making loan payments. 
• Depositing checks. 
• And more! 

H3: 7. It’s only for youngsters

There’s no age requirement on convenience. While digital natives from the Millennial and Gen Z generations may have more life experience with tech, baby boomers and Gen X’ers are just as likely to enjoy everything mobile and online banking has to offer. This technology is designed to be simple and intuitive so, no matter who you are or what your experience has been with technology, you’re able to take care of your banking needs with ease. 

It’s time to start taking advantage of everything Online Banking and our mobile app has to offer. Current GECU members can register online or download the mobile app to get started. You’ll enjoy the above security features in addition to: 

• FICO® Score access for free when you have a qualifying account. 
• Bill Pay,² which consolidates all your monthly bills under one account login. 
• Alerts and reminders, which you can customize to receive notifications.
• Money Management, an online tool for tracking your budget and spending habits.