By: Kyle Head | Category: Financial Services | Issue: November 2014
Kyle Head and his wife, Haley, agree text banking is a useful budgeting tool.
My wife and I have been married for almost six months now and the best advice given to me was, “If you want a happy marriage, you need to learn to say ‘yes, dear.’”
This is great advice for family outings and chores around the house, but what about staying within our budget when the wife wants a new pair of shoes?
How do you tell her so you don’t end up on the couch?
My bank offers this great tool – text banking. I find that getting text alerts sent to my phone helps me keep track of expenses. I receive an alert every time I make a purchase, sometimes before I even walk out of the store. I can check my balance to see how much I can spend, and I can show my wife just how much she has or doesn’t have to spend on that new pair of shoes.
Another great thing about text banking is the transfer money feature, so when she really wants those shoes (and I can’t convince her otherwise), I can transfer money into our account through a simple text message.
My wife, Haley, says it’s fast and handy. And she likes not having to login to the mobile banking app all the time.
Text banking is also a great fraud prevention tool. With the holidays fast approaching and fraudulent activity on the rise, this is another layer of security. With text banking, I can receive alerts on all transactions, so I’ll know every time a purchase is made. If a fraudster hacks my account, I will know within minutes of the first purchase and can immediately call my bank and let them know to cancel my card.
Sometimes my wife has said that she receives a text before she’s back to her car after shopping. So if I’m at home and a text comes through saying she spent $150, I can check to make sure it was her.
Other cool features of Text Banking:
•Set times to receive alerts such as 24 hours a day or 7 a.m. to 7 p.m.
•No smartphone required – just have to be able to send & receive text messages.
•Set dollar amounts for transactions alerts; get alerts as low as $.01 or over a certain amount.
Text banking is an easy way to track expenses and a valuable fraud prevention tool that lets me be a “yes, dear” man while still being money smart. And, if you ever do need to say no to your significant other, just encourage them to sign up for text banking and hope for the best.
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