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Mobile Banking App
Mobile banking is the use of a mobile app to access and manage banking services such as account transactions, bill payments, and account transfers.
More Details
Mobile banking is a banking service that allows customers to access and manage their bank accounts using a mobile device. This is made possible through the use of a mobile banking app that can be downloaded from an app store and installed on the customer's device. The app provides access to a range of banking services including account balance inquiries, account transfers, bill payments, and mobile check deposits.
Example
You're on your way to a restaurant with friends and realize you forgot to pay your credit card bill that's due today. Using mobile banking, you quickly transfer the payment from your checking account to your credit card account, avoiding any late fees. After dinner, you receive a notification that your account balance is low, prompting you to use the mobile banking app to transfer money from your savings account to your checking account to cover your expenses for the rest of the month.
Related Terms
eStatements
An electronic version of a bank or credit union statement, which is a summary of an individual's account activity and current balance.
Credit Union
A cooperative financial institution that is owned and controlled by its members, who are also its customers.
Debt-to-Income Ratio (DTI)
A measure of how much of an individual's monthly income is consumed by debt payments.