Banking at the Speed of Technology

Millions of people today use mobile devices to manage their finances, and the number of users continues to grow. Why? Mobile banking technology and services provide so much convenience. You can access your Eastern Savings Bank account from just about anywhere using a smartphone or mobile computer device today. However, with the development of new payment methods, there are also new risks, so keep the following in mind when using mobile devices and payment apps to help ensure your money stays secure:

Depositing checks using Remote Deposit Capture:
Eastern Savings Bank allows customers to use Remote Deposit Capture (“RDC”) through the EasternEase Mobile Banking App, which allows customers to snap a photo of an endorsed check with their mobile device and deposit that check electronically without ever visiting a branch. This service is becoming popular, especially among customers who don’t live or work close to a bank branch. If you use RDC, carefully track the checks you deposit. For example, you might write the date you deposited the item on the front of the paper check and hold onto it until the check has cleared and the money is in your account. Once the deposit is verified, you can destroy the check, preferably using a high-quality paper shredder. Visit the EasternEase Online and Mobile Banking page to find out more about how they work.

Mobile Payment Apps:
Person-to-person (P2P) payment services and mobile payment apps have become part of everyday life for many people. Payment services and apps let you send money to people without having to write a check, swipe a card, or hand them cash. These services are becoming increasingly popular for things like dividing the cost of dinner with a friend or tracking costs and splitting the bills when traveling.

Have your friend send you a request for payment first. If you’re sending money to someone for the first time, ask that they send a “request” from their app, if that service is available. This helps ensure that you’re sending funds to the right person for the right amount.

For additional information and helpful tips for using person-to-person payment systems and apps, visit:
consumer.ftc.gov/blog/2018/02/tips-using-peer-peer-payment-systems-and-apps