The Role of Technology in Personal Banking: Benefits and Security Tips

Home Blog The Role of Technology in Personal Banking: Benefits and Security Tips

Posted On: July 15, 2024 by Peoples Bank of Kankakee County in: Cybersecurity Personal Finances

In recent years, technology has revolutionized personal banking, making financial management more convenient and accessible than ever before. From mobile banking apps to comprehensive online account management, these advancements have transformed how we interact with our finances.

At Peoples Bank, we embrace these technological innovations to enhance our customers' banking experience while prioritizing their security.

Below we explore the benefits of technology in personal banking and provide essential security tips to ensure safe and secure online banking.

The Transformation of Personal Banking through Technology

1. Mobile Banking Apps

Mobile banking apps have become a cornerstone of modern banking, offering a range of features that allow you to manage your finances from your smartphone or tablet.

With the Peoples Bank mobile app, you can:

Check Account Balances and Transactions: Access real-time account information and review transaction history with ease.
Transfer Funds: Quickly and securely transfer money between your accounts with us, your accounts at other financial institutions, or to other individuals.
Deposit Checks Remotely: Use your phone's camera to deposit checks without visiting a branch.
Pay Bills: Schedule and pay bills directly from the app, avoiding late fees and ensuring timely payments.

2. Online Account Management

Online banking platforms offer a comprehensive suite of tools to help you manage your finances from the comfort of your home.

Peoples Bank's online banking services include:

Account Overview: View detailed information about your accounts, including balances, transaction history, and statements.
External Funds Transfers: Easily transfer money between your accounts with us and your accounts at other financial institutions. You can also quickly transfer money between your own accounts or to other individuals.
Expense Tracker: Utilize the built-in tool to track your spending.
Loan and Credit Management: Manage and make payments on your loans and credit accounts.
Manage Alerts: Stay on top of important dates and changes to your account by setting up alerts.
Profile Management: Update password, challenge questions, email, phone, electronic statements, and mobile banking.
Miscellaneous Management: Reorder checks or sign up for eBills to get your bills right where you pay them.

Benefits of Technology in Personal Banking

1. Convenience

One of the most significant advantages of technology in personal banking is the convenience it offers. Whether you're at home, at work, or on the go, you can manage your finances with just a few taps on your mobile device. This level of accessibility ensures that you have control over your money at all times.

2. Real-Time Updates

Technology allows for real-time updates on your account activities, providing instant notifications for transactions, deposits, and withdrawals. This immediate feedback helps you stay informed and make timely decisions about your finances.

3. Enhanced Financial Management

With tools for expense tracking, technology empowers you to take control of your financial health. By categorizing payees into expense groups, you can get insight into your spending patterns and help you plan for the future. These tools can significantly improve your financial literacy and decision-making.

4. Reduced Need for Physical Branch Visits

While visiting a bank branch is always an option, technology reduces the need for in-person visits. Services like remote check deposits, online transfers, and digital bill payments save you time and effort, allowing you to focus on other important aspects of your life.

Security Tips for Safe Online Banking

While technology brings many benefits, it's essential to remain vigilant about security. Here are some tips to ensure safe and secure online banking with Peoples Bank:

1. Use Strong Passwords

Create complex passwords that combine letters, numbers, and special characters. Avoid using easily guessable information, such as birthdays or simple sequences.

2. Enjoy the peace of mind Multifactor Authentication provides

When you enroll in Online Banking, you are prompted to answer three different challenge questions from a drop-down list. The correct answer to one of these challenge questions is verified whenever you log into Online Banking from a different device.

3. Keep Software Updated

Regularly update your banking app and any security software on your devices. Updates often include important security patches that protect against vulnerabilities.

4. Monitor Your Accounts Regularly

Regularly review your account statements and transaction history to detect any unauthorized activity promptly. Set up alerts to receive notifications for specific account activities.

5. Be Wary of Phishing Scams

Be cautious of emails, messages, or phone calls requesting personal information or login details. Peoples Bank will never ask for sensitive information through these channels. Always verify the source before responding.

6. Secure Your Devices

Ensure that your devices are protected with passwords, biometric authentication, and security software. Avoid using public Wi-Fi for banking transactions, as it can be less secure.

Conclusion

Technology has undoubtedly transformed personal banking, making it more convenient, efficient, and accessible. At Peoples Bank, we are committed to leveraging these advancements to enhance your banking experience while prioritizing your security. By following the security tips provided, you can enjoy the benefits of online and mobile banking with confidence. Embrace the future of banking with Peoples Bank and take control of your financial journey today!

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.