Mobile banking continues to grow in popularity. The new apps, however, aren’t without risks of errors.
When making payments via transfer be sure to double check the payment and confirm you are using the correct person or business receiving the payment, before hitting send. You can issue a stop payment for a check, dispute credit card payments, or cancel an auto bill payment, but a transfer is permanent and cannot be reversed. If it is the first time you have sent money to someone, ask that they send a request for payment or send them a small test payment to confirm it is the right person.
Money transfers are immediately removed from your account, but the receiver usually has a waiting period before the transferred funds can be spent or withdrawn.
If the transaction will be used to file tax returns, you may want to use an alternative method. The IRS does not consider a transaction valid without printed proof. Apps are revised and updated. The software developer is not obligated to provide you with permanent access to previous transactions.
Fraudulent apps closely resemble the legitimate ones. Names and logos can easily be copied and used to build very close look a-likes. Verify the source of the app by visiting the company through another URL, before downloading and entering personal information or account details.