Understanding the Convenience & Ease of Mobile Wallet

Home Blog Understanding the Convenience & Ease of Mobile Wallet

Posted On: October 18, 2022 by Peoples Bank of Kankakee County in: Personal Finances

Once upon a time, phones were simply used to call people. Today you can do just about everything using the convenience of your phone. Now, with the help of Peoples Bank, you can pay with it. Have you added your Peoples Bank debit card to your smartphone’s mobile wallet?

What is a Mobile Wallet

A mobile wallet is a software application that allows you to hold many of the same things you would keep in a physical wallet. It can hold debit, credit, ID, gift, membership and reward cards. It can also hold coupons, airline and sports tickets, and more. The most popular mobile wallets are Apple Pay®, Google Pay™, and Samsung Pay™. They come pre-installed on your smartphone.

Mobile wallets let consumers make payments using their phone, smart watch, or tablet instead of using a physical card. Simply add your Peoples Bank debit card to your mobile wallet to pay at checkout in stores, online and for in-app purchases. Although not all merchants currently accept payment from a digital wallet, this option continues to become more of a norm every day.

Benefits Of a Mobile Wallet

1. Mobile payment may reduce fraud

The data stored in your wallet is encrypted, meaning your actual card number and information aren’t transmitted to merchants when making a payment. This keeps your transactions safe. Your transactions are covered by the same security and privacy protections as your physical cards.

2. Mobile payment is fast

With your mobile wallet, you can quickly pay by holding your phone over the payment terminal and verifying the purchase with your passcode in seconds.

3. Mobile payment is more secure

With a physical wallet, if you lose it, it’s gone. You will need to cancel all the cards you had, and your cash is gone for good. On the other hand, your digital wallet is protected with a unique passcode on your device. If a cell phone is lost containing a digital wallet, someone would need to be able to unlock BOTH your phone AND the digital wallet application, both of which are protected, in order to access the information.

4. Mobile wallet trims your wallet contents

A mobile wallet allows you to always have your card on hand for convenient payments and emergencies. Forgot your wallet? No worries!

5. Mobile wallet is convenient

You can use your card anytime, anywhere. You won’t have to spend time digging out your card or typing in the numbers to make a purchase. Your mobile wallet has your card numbers stored to make online purchases and in-store payments easy.

Add your debit card to your mobile wallet today! Visit our website for more information, including a mobile wallet tutorial, or to contact us for help. Our dedicated team of banking professionals is always here to serve you.

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.