Banking

Mobile Banking During the COVID-19 Pandemic

Due to the COVID-19 pandemic, experts suggest minimizing contact with other people. Bank transactions require money, checks and receipts to be passed between teller and customer, potentially exposing either one to the virus. Luckily, there are mobile banking options to do what you need to do without coming into contact with another human being.

Here are 4 ways you can do a bank transaction without having to be in contact with another person:

ATM Withdrawal

The most familiar form of contact free banking is withdrawing money from an ATM. If you need cash, you can use an ATM to get it without having to come in direct contact with another human being.

The downside is other people have touched the money you are receiving, as well as the ATM buttons. If you need to use an ATM, consider wearing gloves. It’s not 100% clear how long the virus can survive on paper money, so to be absolutely safe wear gloves whenever handling paper money.

It may be a good idea to avoid handling money if possible for the time being.

ATM Deposit

You can also make deposits using an ATM. You will have to pull an envelope from the machine for your checks or cash, however, so wearing gloves is a good idea. This also puts the bank worker somewhat at risk because they have to handle money, checks, and the envelope that you touched.

Again, it would be best for everyone to to avoid handling cash if possible during this time.

Mobile Deposit

I had heard this was possible, but honestly I had no idea how simple and quick it was to deposit checks using just my mobile phone. This ability is a game changer for mobile banking. I bank at Well Fargo, and after installing their ap all I had to do was:

Endorse the check and then:

• write “For mobile deposit at Wells Fargo Only” below my signature
• Select mobile deposit from the ap
• Type in the amount
• Take a picture of the front and back of the check(s)

That’s it. It does take overnight for the deposit to actually post since I assume something or someone has to validate the checks are written the stated amount.

Set Up Cross Bank Transfer

I have accounts at two different banks and sometimes I need to move money between accounts. Normally I’d withdraw cash or simply write a check and deposit it in the target bank. But with the current COVID-19 situation, I wanted to find another way to move money between banks. Luckily, both financial institutions support cross bank transfers. To set it up, I had to supply the routing and account number of the opposite bank. Once verified, I could initiate transactions between the banks. It does take a 1-3 business days for a transaction to officially post, but it can be done without visiting either bank.

Everyone needs to do their part to help slow the spread of COVID-19 by limiting their contact with other people. But, people have to do their banking, making deposits and paying bills. Luckily the technology exists to do mobile banking to minimize and in some cases completely eliminate any human interaction.

How about you, Clever Friends, how are you doing your banking during the COVID-19 pandemic?

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Brock Kernin

Brock is a software engineer by day and personal finance blogger at night. He is a fitness junkie and enjoys grilling and smoking meat. Married with two children,  Brock strives to improve his skills as a husband and father, and is always on the lookout to stretch his family’s budget as far as he can.