I've been with my crdit union for more than ten years and overall it has been a good experience. I have no monthly fees, no minimum account balances and still earn, an albeit small, interest on my checking and savings accounts. Here's my dilemma. They have been undergoing a number of upgrades, with the last being an app to manage my accounts, as well as depositinv checks by uploading pics of my endorsed checks. I totally understand the value of such a service, as it is replacing a feature that I loved, online deposits. However, I'm wondering how safe it is to have these apps on my phone. Does anyone have any experience or insight on this topic?
I use banking apps on an almost daily basis, and I've never felt as if they were unsafe. I was also skeptical at first, but the fact that they do NOT save your login info (they have you re-login every time you access the app, and some even have you re-enter your login info for different areas within the app) really won me over. The apps I've had experience with are PNC and US Bank, so yours may be different, but I believe banks that have mobile apps do try their best to keep your information secure. Furthermore, the check deposit option is extremely useful, but keep in mind that some apps may charge a 50 cent fee per check.
I consider banking applications to be perfectly safe - as long as you take the regular precautions that you would for online banking. Don't access via unprotected wifi or other wifi that you don't own. Make sure your phone is secure. Don't let anyone know your passwords.
I've used banking apps for years and I've never had anyone hack my account. From what I've read and watched on TV just use common sense precautions when accessing it and you'll be fine. First don't access it in a crowded place like a restaurant. Supposedly some hackers have devices that scan for passwords you input in devices in these places. Next don't allow auto-debiting for any utility or bank account. Be sure to transact manually when transferring or paying to avoid issues when it comes to glitches and such.
