Online Banking, Mobile Banking & Mobile Check Deposit - What’s the Difference?

While physically going to a bank for many banking activities will likely never go away, digital banking (banking via the internet) has been steadily increasing over the past few decades. Whether you’re new to it or a self-proclaimed pro, you may be wondering what the difference is between online banking, mobile banking, and mobile check deposit. This article discusses each aspect of digital banking, how they work, and ways to help ensure you can safely bank online.

What is online banking?

Online banking allows you to conduct your banking anytime, anywhere, by accessing your bank’s URL on any device that has an internet connection. Examples include a desktop computer, laptop computer, a tablet, or a smartphone. In general, online banking allows you to check your account balances, transfer money between accounts at your bank, and schedule one-time or recurring bill payments to nearly any payee.

Is online banking safe?

For most banks and financial institutions like FNBO, ensuring your account information is kept safe online is a top priority. Many utilize advanced security measures to ward off hackers and cyber criminals including two-factor or multi-factor authentication which requires an extra layer of security beyond a username and password. 

There are also many things you can do to help ensure the safety of your online accounts including:

• Always use a secure internet connection;
• Password protecting your computer or mobile device;
• Using a strong and unique password on your account and changing it at least every three months;
• Avoiding the use of public wifi or shared computers; and
• Setting up account alerts to notify you if any suspicious activity on your accounts.

What is mobile banking?

Mobile banking is when you your conduct your banking activities via your bank’s app (application) that can be downloaded from your mobile device’s app store. Devices used for mobile banking include smartphones and tablets. Mobile banking usually provides all the same features, benefits, and safety measures as online banking with some added perks such as improved/more intuitive functionality and mobile check deposit/remote deposit capture.

What is mobile check deposit?

Also called remote deposit capture, mobile check deposit allows you to deposit a check into your savings or checking account using the camera on your mobile device. This saves you time and a trip to the bank.

How does mobile deposit work?

Mobile deposit is easy to use. While each bank’s app may be slightly different, in general, you simply select the account you’d like to deposit the check into, enter the amount of the deposit, take a photo of the front and back of your check, and then tap submit. Like your other deposits, it will show up in your account details once the check clears.

How long does it take for a mobile deposit to clear?

Each bank and transaction can vary, but in general, the check will clear within one to two business days. It's a good idea to hold onto the check until it clears. After that, you can safely shred the check to ensure the safety of the payer’s account information.

If you have questions about digital banking or any of your banking needs, a Personal Banker from FNBO would be happy to answer them. Give us a call today.