How does bank alert work?

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If your bank is not already notifying you about these issues with your account, you probably have not set up the alerts in your mobile banking app. And that is something you may want to do right away. This is because they will help you stay informed about your finances whenever, wherever and however you want, according to http://www.bankrate.com.

These alerts are highly customisable and can be part of your best practices for smart financial management. Log in to your bank’s app or give your financial institution a call for help setting up alerts.

The low balance alert sends you a text message when your bank account balance drops to a predetermined amount.

The mobile deposit alert sends you a text message when you pay a cheque to deposit to your bank.

You can also set up an alert to track when cheques clear through the banking system and new funds are available in your account.

The unusual activity alert sends you a text message if your bank detects activity on your account that could be fraud. Examples include transactions beyond your usual haunts; spending that does not fit your pattern, transactions for unusually high amounts and multiple fast-paced transactions.

Alerts can be tricky to set up. A study found consumers often had to search through multiple menus online and complete as many as 10 steps to create a bank alert.

Not using alerts means you are missing out on an opportunity to better understand your banking activities. You could be hit with returned items or overdraft fees, or you could just be perpetually confused about your finances.

Alerts are really about knowledge and the power to have the best financial management you can.

 

 

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