Page 8 - TR RVO Extra 2020

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it easier for consumers to monitor their spending when they’re not using cash.
USE AN APP TO TRACK SPENDING
Many mobile banking applications allow customers to pay bills, can be set up to send notifications regarding various types of purchases and even categorize how money is spent. Users can see how they’re spending their money in real time, making it easy to know where they stand with their finances.
“First National Bank offers a variety of ways to help monitor spending, including our easy-to-use FirstMobile app, which offers quick access to balances, transactions, bill payments and more,” Guinn said. “Utilizing our bill-pay feature is a great way for customers to monitor outgoing bill payments in one central place. It really gives them a great sense of how much they are spending each month and where their money is going.”
Within FAB&T’s mobile app, customers have the ability to control how, when and where their debit card is used, said Kim
Bell, vice president and retail operations manager at FAB&T’s main bank in Jacksonville.
“FAB&T customers have the option to receive push notifications for all debit- card transactions completed, or they can create custom push notifications by merchant type, transaction type and/or by threshold dollar amount. In addition to debit-card notifications, our customers can choose from an extensive list of account alerts they would like to receive, such as account balances, deposits, withdrawals and much more.”
RECOGNIZE THE TEMPTATION
Studies have shown that cashless spending tempts people to spend more than buying with cash. A recent study from the Massachusetts Institute of Technology asked business students to bid on basketball tickets. Some participants were told they would eventually have to pay with cash, while others were told they would need to use a card. Those who paid by card spent more than twice as much as those who were told they had to pay with cash, which illustrates just how easy it is to spend more
It’s so important for everyone to monitor their bank accounts frequently to not only stay up to date
on their current balances to avoid overdrafting, but also to help prevent fraud on their accounts.”
— BLAKE GUINN
VICE PRESIDENT OF RETAIL BANKING/MARKETING, FIRST NATIONAL BANK, JONESBORO
on transactions that do not involve cash. By recognizing that temptation in advance, consumers can better prepare themselves to remain disciplined when using cashless payment methods such as credit cards or mobile apps like Venmo.
PAY OFF YOUR BALANCE EACH MONTH
If your preferred mode of cashless spending is credit cards, make sure you pay off your balances each month. This not only saves you from potentially hefty
interest charges, but the knowledge that you will need to pay off your purchases at the end of each month can help you stay more disciplined with your spending.
BE CAUTIOUS
Guinn said customers should be careful when using third-party money-transfer applications. He said each customer’s money is protected and insured at the bank, but it can’t guarantee the money’s safety once it goes through the third-party payment system.
“Utilizing our FirstMobile app is very secure. Customers must authenticate with their fingerprint or facial recognition, along with built-in fraud-tracking tools to detect unusual activity and locations,” he said. “We offer a more secure method on our FirstMobile App.”
Cashless payments have made it easier to purchase goods during the COVID-19 outbreak, but it’s imperative that consumers take steps to control their spending when going cashless.
— Courtesy of Metro Creative, with contributions by Cody Graves, creative services writer