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How To Use Financial Technology To Your Advantage

Financial Technology graphic

Financial technology can be accessed from anywhere. You can access financial technology from home, work, and even while you're on vacation. Leveraging financial technology can help you achieve your banking and savings goals. Opting in for financial alerts can be accomplished by logging in to your financial institution's websites and setting up alerts specific to your financial goals. Here are five ways that you can take advantage of fintech.

Setting up Low Balance Alerts

Opting in for low balance alerts lets you know when your checking account balance reaches a certain level. This notification will help you cover any expenses or purchases that you plan to make. You will also be able to reduce your spending so that your balance does not decrease further. Some banks will charge you fees for not maintaining the minimum required balance. Reducing your spending can eliminate insufficient fund fees that can continue to drain your bank account balance.

Opting in for Monthly Statement Notifications

Getting notified that your statement is ready can trigger you to log into your account to view your income and expenses for the month. Checking your credit card statements and reviewing them will give you a breakdown of your purchases, interests, and any fees you were charged for the month. Being aware of your monthly income and expenses can help you find ways to save or cut back on your spending.

Verification Of Deposits And Withdrawals

You can sign up for text alerts on your phone when deposits or withdrawals are made on your account. Being notified of deposits informs you that your paycheck has been deposited and the amount. In addition, if you are looking for a transfer from someone else, you can be notified when it has made it to your account. Getting notified of withdrawals from your account triggers you to check and ensure that any withdrawals are legitimate.

Payment Due Notifications

Opting in for notifications that your payment is due is very beneficial. Payment due notifications can help ensure that you don't miss payments for your utilities, credit card, mortgage, or other loan balances. It can also eliminate any fees or interests that may be charged because of late payments.

If your bank does not offer financial technology, you should see my feature in 10 Steps to Finding a Better Bank to recognize how you can make the best of your banking needs.

Fraud Alerts

Opting in for fraud alerts is essential. Fraud alerts can notify you of suspicious activity that occurs on your accounts. Getting notified of fraudulent activity on your checking account is highly advantageous because you have 60 days to report the activity or risk losing your refund. In addition, if there's fraudulent activity on your checking account, it's essential to stop that as soon as it happens because it takes time for the banks to do their investigation, up to 45 days. During that time, you may risk missing your mortgage, car, or utility payments. These missed payments and fraudulent activity can affect your credit and your credit score.

What other ways can financial technology help you achieve your financial goals? Leave a comment below.

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