Direct deposit has gone from being a cutting-edge feature to the default for most workers and employers, and it’s no surprise why. It eliminates the hassle of cashing your check at the bank. Instead, your employer pays you electronically and the money is deposited directly into your bank account. With Marygold & Co.’s early direct deposit, you can get your money up to two days earlier than traditional banks. We make sure to process your deposits as soon as they arrive, which means you’ll most likely have access to your hard-earned money earlier than the scheduled payday.
Benefits of Direct Deposit
When you set up early direct deposit, there are a few advantages that put you ahead of everyone else (other than just getting paid two days earlier):
Early Access and Increased Accessibility
Setting up this feature not only saves time, it is so much more accessible. Since funds are electronically transferred, they are automatically credited.
Gone are the days of waiting for a check to clear.
Direct deposit, along with the rise of banking technology allows you to get your money deposited without having to physically run to the bank.
Some fintech apps, like the Marygold & Co. app, provide you with direct deposit up to two days earlier*, as well as access to all banking features through your phone.
This means your money is always with you wherever you are!
Pay your Bills on Time and Save More
Another bonus is that it takes away the stress of making sure you deposit your check in time to ensure your bills will be paid on time.
Using an account with early direct deposit can give you extra time to pay monthly bills such as rent and utilities.
Not only can you access your paycheck earlier but you can also receive your tax money up to two days early*, before it’s available at traditional banks.
Yes, we’ve concluded that it is an easy way to avoid missing out on payments, but it can also help you save more efficiently.
The Marygold & Co. interest-earning feature called ‘Money Pools‘ can be set up simultaneously with this feature to ensure that you get closer to your savings goals with each payment. You can customize this feature to have a percentage or specific amount of your paycheck deposited directly into your “Money Pool” savings account and start earning interest on your money while building your savings.
Safer Than Paper Checks!
Using online banking and perks such as this one can trigger concerns about safety.
With this feature, your money is automatically transferred from your employer’s account into the bank account you choose.
The biggest hazard is ensuring your account information goes to someone you trust.
How Does Direct Deposit Work?
To start the process, your employer’s HR department or the payroll company your employer utilizes submits payroll files – which contain account information, to their bank, which then sends the data to an Automated Clearing House (ACH). A bank-to-bank electronic transfer takes place once the HR department receives account information, and the money is then deposited into your account.
Direct Deposit with Marygold & Co.
More than 93 percent of U.S. workers receive their pay by direct deposit, according to the 2019 survey “Getting Paid In America”. Direct deposit has become the standard for most workers and employers and with Marygold & Co., you can receive your money up to two days early! Marygold & Co. is a free and FDIC-insured banking and financial services app that allows customers to send, receive, spend and save money safely through their mobile devices. Using early direct deposit, along with other Marygold & Co. features will make your finances easier and more convenient to manage.
*Early access to direct deposit funds depends on timing of payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.
https://marygoldandco.com/wp-content/uploads/2021/08/MarygoldCo_feature_early-direct-deposit.png468705Smartpointhttps://marygoldandco.com/wp-content/uploads/2021/06/logo.pngSmartpoint2021-08-29 17:22:302021-10-26 19:39:30Early Direct Deposit
“I don’t have the money” is a common phrase we hear or say when there’s an option to purchase something that doesn’t necessarily align with our financial goals or budget. But is it because we are actually broke or are we trying to save for something? How do we balance our saving versus spending ratio? Knowing how much to save each month can help alleviate some of the stress that comes with financial situations and decisions. Using an app to track your spending and savings habits is an important step to ensure you are holding yourself accountable.
Calculating How Much to Save Each Month
Morningstar writer Holly Black advocates the 50-30-20 rule. This principle splits your monthly income in three ways.
Half is set aside for necessary living expenses like rent or mortgage, food, heating, phone, credit card or loan payments, and transportation.
30% is earmarked for frills like new clothing, entertainment, gifts, dining, or vacations.
20% is set aside for savings. You might set up savings accounts or invest this money in stocks, bonds, or an RRSP (registered retirement savings plan).
Advantages of the 50-30-20 Rule
If you allocate earnings this way, it is easier to manage your finances. You know exactly how much you have budgeted for expenses and savings for each paycheck.
Furthermore, you can automatically increase your savings as your income rises and/or as expenses in those other areas decrease.
Experian reported that seventy-five percent of Americans have a credit card balance that is carried over at the end of each month. The average balance is over $5,000.
Saving Tips
Making a commitment to saving is the first step.
Create a budget and stick to it.
Don’t “window shop” whether at a brick-and-mortar store or online.
Delay buying. If you fall in love with something, wait a week. By then, you may well have come to your senses.
If you have outstanding debt, avoid buying something unless it is a necessary purchase.
Make a shopping list to help you remember what to buy and stick to only things you need to help prevent impulse purchases.
If it isn’t part of your budget, you can’t afford it.
Making a commitment to saving is important, but make sure you have a way of tracking your spending as well. There are several apps that help keep your budget on track, like Marygold & Co’s.
Food Savings
When shopping, it’s easy to get a little carried away and spend more than expected. These strategies can also help increase your savings while at the grocery store:
Look for generic labels.
Build your weekly menu around flyer specials.
Don’t shop for groceries when you are hungry.
Clip coupons or use a grocery saving app like foodflash or Flipp. Look into cashback options like BeFrugal.com.
Plan and shop for food once a week or twice a month.
Pack lunches instead of eating out. You’ll save money and eat healthier.
Avoid eating out regularly. Make it a special treat.
Try get-togethers with friends instead of eating out. Make it a potluck so it is less work for everyone.
Savings Considerations
The amount you designate for saving each month may be altered by various considerations:
What you are saving for and how much it will cost.
How soon you will need the money for an item.
How much you can afford to save.
Unexpected expenses.
Your debt load: While saving is important, you cannot overlook debts like student loans or unpaid credit card amounts. If unpaid, these debts can cost you more in interest. Always know the interest rate you are being charged on outstanding debt. Interest rates on unpaid loans are significantly higher than the interest you would earn on a savings account.
They discovered that during the Reagan administration, ninety percent of Americans saved an average of 10% of their income. By 2006, their savings rate was negative 10%.
The current reasons given for the lack of saving include:
Job losses and earnings decline due to economic stressors like COVID-19.
The “I want to enjoy trips, bigger homes, luxury items now and save later mentality”.
Unexpected emergencies including medical expenses, broken appliances, vehicle repairs, home repairs, etc.
Going into debt to purchase a home.
A shift from publicly funded to private schools for children.
Employee retirement programs make it easy for people to ignore the necessity of retirement savings.
How Much Does the Average American Save?
Personal finance writer, Marie Backman, discovered that over seventy percent of Americans have a savings account. However, just over twenty percent of them have an account balance between one and five thousand dollars.
A 2018 Federal Reserve report found that over sixty percent of Americans do not have an emergency fund. That means If an emergency occurred of $400, sixty percent of Americans would have to rob their other accounts, put the amount on credit cards, or borrow funds to cover the expense.
A November 2020 Bankrate.com report records that the average personal debt is almost $95,000. These include mortgages, car loans, student loans, and unpaid credit card balances.
Savings Accounts
Many Americans only have a single savings account. If you are saving for one specific goal, then one savings account will suffice. You might be setting savings aside for future acquisitions like a home or a new car. You might be saving for a vacation.
If you have multiple goals, you might wish to set up separate accounts for each of these savings goals. These goals might include:
Emergency Savings Account
Financial advisors recommend setting up a “rainy day” account. Everyone experiences sad and unexpected events. Perhaps your car breaks down. Maybe your job vanishes in a company downsizing. A work injury or a car accident may result in you temporarily being off work and saddled with medical expenses that are not covered by your insurance. Your first savings goal needs to be to put enough cash in your emergency savings account to cover your necessary expenses for at least three months.
A good choice for your emergency savings is a money market account. It can be a solution when you suddenly need money. Until then, they earn an attractive amount of interest.
Retirement Savings
The time to begin creating a retirement savings account is when you begin earning money. Financial experts estimate that a single household needs $45,000 a year or $61,000 for a couple to retire comfortably.
If your budget allows you to put just a few dollars a month into a high-yield long-term investment, you will be much farther ahead than 65% of Americans who fail to save sufficiently for their golden years. Writer John Maudlin warns against failure to save for retirement.
Special Savings Accounts
If you are saving for a new house, your daughter’s college education, or maybe an anniversary cruise, you might wish to look into setting up a money market account. These accounts pay moderate interest. Withdrawals and transfers from this account are limited. Money market accounts typically have no minimum balance. Interest accrued increases with an increased balance.
You may decide to open separate savings accounts for specific purposes like the kids’ education, a summer home, a new car, or a much-needed vacation.
If you choose accounts with better interest and less liquidity, there will be less temptation to borrow from one or more of these accounts.
What are Money Pool Savings Accounts?
Marygold & Co. has created an app that helps customers establish individual savings goals to save for life’s important milestones. Money Pools are customized and directly aligned with the timelines you create for your savings goals.
How Do Money Pools Work?
Marygold & Co.’s Money Pool savings and financial services app provides customers with a means of separating and organizing their earnings. By using their Money Pool app, Marygold & Co. can help you more effectively reach short-term and long-term savings goals.
https://marygoldandco.com/wp-content/uploads/2021/08/MarygoldCo_feature_how-much-to-save.png468705Smartpointhttps://marygoldandco.com/wp-content/uploads/2021/06/logo.pngSmartpoint2021-08-11 21:15:552021-10-21 01:07:55How Much to Save Each Month
Simplifying your financial life on an app offers unique opportunities that a physical branch can not match.
At any time, any day, any device, and anywhere in the world, you can access your account balances, transaction history, transfer funds, pay bills, receive customized notifications and set up automatic savings and security tools.
As technology advances, the convenience of online banking helps clients save both time and money.
In fact, many of us celebrate not having to drive to a physical location to retrieve money or deal with transactions. According to a 2019 American Bankers Association survey, 73% of Americans access their bank accounts online or through a mobile app. The future of online banking will continue to evolve and it’s important to know what that means for security and usability for banking customers, including features like turning your debit card on and off.
Why Security is Critical to Online Banking
The future of online banking relies tremendously on the security measures implemented. First and most importantly, financial institutions must manifest and maintain trust for their clients to ensure their finances and assets are secure. Secondly, online banking must be a user-friendly experience with everyday accessibility from anywhere.
As technology grows, fraud and data breaches are becoming more commonplace, and thus advanced security for online banking is imperative. The number of new malware variants posed for mobile increased 54 percent in 2017, according to Symantec’s Internet Security Threat Report 2018. In order to protect our most valuable assets, reliable security is of vital importance.
Lost, Stolen, and Compromised Cards
It is easy to believe you’ll never be a casualty of identity theft or credit card fraud as the prevalence of this type of crime seems to be a rare occurrence. In actuality, fraud is a growing worldwide problem, especially within the United States. With losses to credit card fraud topping $24 billion dollars in 2018 alone. Almost 40% of that reported card fraud occurred in America. And between 2017 and 2018, card fraud increased by nearly 20%.
According to credit reporting firm Experian, between 2017-2018, identity theft made up 15% of card fraud, new account fraud increased by 35%, and takeover of existing account fraud increased nearly 25%.
Because of the open nature of the Internet, online banking is inherently subject to virus attacks, unauthorized access, identity theft, and fraudulent transactions.
Cardholders need security measures that will thwart fraudulent actions.
Locking Debit Cards with On and Off Switch
Not long ago, cardholders whose card was either lost, stolen, or compromised, had to spend a great deal of time contacting the bank in order to have their card frozen for future transactions. Now having the ability to lock and unlock your card immediately on your mobile phone provides peace of mind and convenient security when you want it.
Instead of dealing with the hassle of going into the bank to cancel a card, order a new one, and then wait for the teller to issue you a temporary card or make a cash withdrawal, Marygold & Co. introduces the convenient option to simply control transactions from your debit card with a lock/unlock switch. Essentially, this feature grants you the ability to “freeze” your card until you’re able to straighten your debit card mishap or when you don’t plan to use it. Nothing is worse than canceling your card and then finding it on the car floor.
Know Your Customer
Traditional brick-and-mortar banks require you to apply for an account in person, checking your identification and confirming you are you when opening an account.
Online banking solutions typically leverage basic Know Your Customer (KYC) required information including name, address, social security number, date of birth, email, phone, and other specific data to confirm a new customer’s identity when opening an account. Unfortunately, more and more of that information has become compromised and for sale on the Dark Web.
To protect potential victims from having an account fraudulently opened in their name, additional authentication methods are highly recommended for opening online banking accounts.
Marygold & Co. introduces advanced technology that verifies your government-issued identification and the picture matches your selfie taken in the onboarding process. This technology uses liveness checks and a biometric comparison to make sure you are you before opening an account.
Assuming All Is Well and Not Setting Up Security Measures
You’d be surprised how many people let days, weeks, even months pass by without seeing the activity on their traditional savings and/or checking accounts. App-led financial accounts can keep nefarious activity at bay by sending you a text about all activity instantaneously. When your finances are top of mind without thinking twice, you are able to monitor your accounts more closely, be aware of suspect transactions occurring and immediately inform your financial institution of suspect transactions. If you don’t have security alerts set up on your phone or email, identity thieves are able to use your information 75% longer.
Having Predictable and/or Unchanging Passwords
It’s easy to use the same password forever and for everything. It’s comfortable to use that password for several cards or services. But, it won’t seem like such a good idea when identity thieves can easily access all your cards and accounts after discovering the password used unlocks access to all of the accounts. Don’t use the same password. Change your passwords often. Write down the new ones and store them in a safe place.
Marygold & Co.’s Customized Security
Marygold & Co. is offering an innovative online banking experience with customized security at the forefront of their services – the future of online banking.
What is ‘Customized Security’?
As the name suggests, this provides security uniquely tailored to the needs and preferences of the individual clients.
The Marygold & Co. Mastercard® Debit Card and mobile app offer clients a safer, more user-responsive alternative to traditional banking. The FDIC-insured card allows users to take complete command of their finances.
In response to cardholder’s mounting concerns about fraudulent activity and identity theft, Marygold & Co. gives users more control over how their card is being used than ever before. With an easy-to-use toggle in the mobile app, users can easily switch their card on or off, set restrictions on where exactly the card will be used and spending limits.
Two-factor and biometric fingerprint login protection
The Future of Online Banking
These scenarios demonstrate the ease of Marygold & Co’s customized security.
No plans in the near future to leave your typical surroundings? From the Marygold & Co. banking app, you can simply restrict card usage to a specific geographic area in order to prevent fraud.
Planning to take that trip to Europe now? Open up the limits, or even bound usage to only the location of your intended travel within the Marygold & Co. app. No phone call needed!
Lost track of your card and are not sure whether it is lost or misplaced?Thanks to Marygold & Co’s customized security, you can easily disable your card with the debit card on/off switch in the app while you search for your card.
The different scenarios the Marygold & Co. Mastercard® Debit Card offers are almost unlimited, which is why security is now customized to a client’s specific need. We want to give you as much power and control over your financial life as you want, including what types of things you allow and how strong your security should be. That’s why Marygold & Co. offers customized security right in the app!
Marygold & Co. is paving the way for a more user-friendly and customizable security experience than any other online banking app. We invite you to join the waitlist for Marygold & Co. today to take control of your financial security.
There are many reasons to save money. It’s not just because some wise philosopher said, “Take care of the pennies and the dollars will take care of themselves”. It’s also not just because your parents advised you to “save for a rainy day” although they are both right. Those lessons on how to put money aside each month will soon pay off.
Why Set Aside Money?
You’ve probably heard about a rainy day fund or an emergency fund. It is important to have money set aside for emergencies like losing your job or a huge car repair bill to protect yourself from potential financial ruin.
Potential negative scenarios are not fun to think about, but they are necessary to plan for. Injuries, accidents, and illnesses occur. A savings fund should cover your living expenses for a few months until you can get back on your feet.
In tough economic times, having savings allows you to “weather” financial unrest.
Retirement is another good reason for building a nest egg. You don’t want to find yourself at seventy, too old to work but too broke to be able to enjoy retirement. Sixty-four percent of Americans don’t plan for retirement and the average American can’t save enough to retire comfortably.
What Gets in the Way of Saving?
An adage states, “If you fail to plan then you plan to fail.” The number one impediment to saving is not creating a budget.
The next problem is not sticking to your budget. When you aren’t maintaining your budget, people find themselves robbing from their savings account to meet emergencies or to pay monthly expenses.
Overspending on nonessential items is another problem we can all struggle with.
Let’s face it – sticking to a well-prepared budget is hard work. It takes the fun out of spontaneous purchases. However, disciplined saving brings peace of mind and long-term happiness.
Budgeting Tips
People who often run out of money before the next paycheck may have an inaccurate or poorly thought out budget or they may have no budget at all.
To ensure you stay within your means, create a careful and accurate list of all your expenses.
Start with the essentials (rent, food, medical, etc.) Set aside the total amount each month to cover these essential costs.
Next, take the remaining amount and divide it amongst your non-essential categories (entertainment, luxuries, vacation, etc.) Now you see where your funds are being allocated. Do not exceed it.
Do not overspend.
Those little luxuries like morning coffee, wine, or dining out can mount up. Paying for them in cash will help avoid overspending. When the cash reserve is gone, buying your luxuries are too.
Create safeguards to keep you from robbing your savings. Actions like cutting up your credit cards could help deviate overspending. Ask your bank about safety measures to stop overspending.
Savings Tips
Subdivide your savings into categories like Christmas gifts, retirement fund, kids’ education, family vacation, and entertainment. Every dollar you put into savings should have a label. This makes it harder to borrow from it.
Set aside an emergency fund that is separate from savings and household expenses. When your fund has roughly three to six months to cover your essential expenses, then you don’t need to keep feeding it.
Set a reasonable saving goal. Do the math. If you make $5,000 a month, and your living expenses are $3,000, you can’t possibly expect to set aside $2,500 in savings. It just isn’t there. Decide what is reasonable and proceed. Be consistent.
To ensure you stay consistent, try using an app to keep track of your expenses. An app like Marygold & Co. helps support and track your goals and funding options all within one place. With Marygold & Co., you can create custom Money Pool Savings Accounts to oversee the different accounts. These Money Pools help organize your finances all in one place while displaying your progress towards each prioritized goal.
No matter how long or short a time you have been earning, initiate and continue a savings plan. Your targets may change but there will always be reasons to save.
The Percentage Method of Saving
Instead of thinking of savings as dollar amounts, save a percentage of your net income each month by using the 50/30/20 rule.
Senator Elizabeth Warren reportedly referred to this method when she was teaching bankruptcy law and popularized it in her book. The rule is to divide up after-tax income then allocate the amount to spend by reserving 50% on needs like rent and food, 30% on wants like entertainment or luxuries, and 20% towards savings. Thus, you should aim to save 20% of your after-tax paycheck each month. You may have to adjust this percent, but use the 50/30/20 rule as a guideline.
The Easiest Ways to Ensure Savings
Record every expense—no matter how large or small. Organize data into categories: gas, groceries, insurance, entertainment, and mortgage. Consider using a tracker app from your financial institution.
Allocate 10 to 20 percent of your income into savings and investment accounts. Set clear prioritized goals with timeframes and target amounts.
Look for ways to cut expenses.
Find free or lower cost events in your community as alternative entertainment, to reduce entertainment spending.
Cancel subscriptions and memberships if you are not making good use of them. This includes things like Netflix, Crave, and Prime.
Make the event of eating out a special event and place it under your entertainment category. Eat and cook at home when you can. You will eat healthier and cheaper.
If you think you need something, step back and think about it for a week. Your perspective on nonessential purchases may change.
Think about fixing up rather than trading in.
Set clear achievable goals. Give yourself confidence in your saving ability by setting a fun goal for you or your family. The achievement will reinforce your saving habit.
Learn to set priorities with items for which you’re saving. For example, if your roof is going to need repairs, your car is getting old, or your washer is on its last leg, you know you need to start saving for those imminent costs.
With a mobile banking services app like Marygold & Co., you can arrange for an automatic deposit from each paycheck of a set amount into each “Money Pool” savings account you set up to give you direct control over how you reach each goal.
Money Pool Savings Accounts
Money Pool savings accounts help you organize your finances, establish goals, and set priorities.
How does it work? Money Pools align with your short-term and long-term savings goals. This is an organized and easy way to create and follow individual savings goals. Establishing these individual goals gives you direct control over how you reach those goals. The Money Pools define the target and the timeline of each specific goal. You can instantly track your progress each time you log in and prioritize your financial goals.
The returns on your Money Pools coincide with when the money is required to meet those established goals.
https://marygoldandco.com/wp-content/uploads/2020/12/MarygoldCo_featured_putting-money-aside-each-month.png468705Smartpointhttps://marygoldandco.com/wp-content/uploads/2021/06/logo.pngSmartpoint2020-12-18 19:28:292021-10-21 01:28:09How to Put Money Aside Each Month
Life and surprise expenses don’t always align with payday. It is important to be proactive in order to protect yourself (and your bank account) from unforeseen circumstances. Marygold & Co. banking services enable you to get your direct deposit paid up to two days earlier, certainly helping with those unexpected bills and expenses. But how does early direct deposit work?
What is Early Direct Deposit?
Early direct deposit allows you to access your paycheck funds faster than most traditional banks.
The overwhelming majority of Americans receive a direct deposit of their paycheck. Depending on your payroll company, direct deposits are sent via ACH to your bank account up to two days early along with a designated posting date. Most institutions hold these funds until the paycheck posting date while actually earning interest on those funds.
Marygold & Co. will credit customer direct deposits on the date funds are received providing access to pay up to two days early.
Advantages of Early Direct Deposit
Direct deposit is already fast, convenient and the safest way to get paid. Getting paid early makes it that much better!
With early direct deposit, if your Marygold & Co. account receives your paycheck early, so do you.
Setting up direct deposit is easy and receiving your paycheck early with Marygold & Co. is automatic. With direct deposit, you can truly “set it and forget it.” Once you set it up, you’ll never again worry about accessing your paycheck funds.
With early direct deposit, your money can be earning interest up to two days earlier. This interest affords you more spending power for free.
How Do You Get Started?
Fill out your employer’s Direct Deposit Forms.
Marygold & Co. customers can automatically access these forms for over 80,000 employers right from their app.
Send Payment Instructions
Ask your employer to send payroll instructions to their bank.
Pass Payment Information
Once your employer’s bank receives payment instructions it sends these data files to an Automated Clearing House. This starts a bank-to-bank electronic transfer from the employer’s bank to yours.
Organize Payment Information
The Automated Clearing House will organize all of your payments so that each payment is correct and sent to your bank.
Process the Payment
Once your bank receives its payment instructions, it starts the payment process.
Is Direct Deposit Safe?
Yes! Direct deposit is an electronic payment.
It actually passes through fewer hands than other deposit methods.
The United States Department of the Treasury and the Federal Reserve Bank dispel myths that point to a lack of safety of direct deposits.
Does Direct Deposit Work for Weekend Payments?
Direct deposit processes on business days. This excludes weekends and bank holidays.
What Happens if my Payday is a Holiday?
Direct deposits are usually paid on the banking day before the holiday. So, if Christmas fell on a Friday, your direct deposit would most likely occur on the Thursday before.
Can My Direct Deposit Go Into My Savings Account?
Your direct deposit can typically be directed into the account of your choice and/or be split between accounts, like Marygold & Co. Money Pools.
How does Early Direct Deposit Differ from a Wire Transfer?
Wire transfers cost $35 nationally and $45 internationally. Direct deposits are free and are processed via Automated Clearing House (ACH).
Fastspring.com explains the difference between the two. Direct deposits are processed overnight. Wire transfers are processed and deposited instantly, however international wire transfers do take a little longer. So, early direct deposit is much faster than direct deposit but not as fast as a wire transfer.
Marygold & Co. Early Direct Deposit
Banking with Marygold & Co. gives you the most for your hard-earned dollars. Marygold & Co. offers fast, convenient mobile banking that includes early direct deposit and interest-earning APY. Marygold & Co. bank accounts are provided by Radius Bank, Member FDIC, a pursuant license from Mastercard International. Deposits are guaranteed by FDIC insurance up to the maximum allowed for every client’s account.
For more information on Marygold & Co.’s early direct deposit and free, convenient mobile banking services, check out our other blogs.
https://marygoldandco.com/wp-content/uploads/2020/12/MarygoldCo_feature_direct-deposit-1.png468705Smartpointhttps://marygoldandco.com/wp-content/uploads/2021/06/logo.pngSmartpoint2020-12-11 18:43:522021-10-21 01:29:25How Does Early Direct Deposit Work?
Gone are the days of having to rush to the bank after work to deposit your check or get cash.
Cell phones do it all nowadays, including saving you time from having to go to the bank! The future of mobile banking is here, but even that technology continues to evolve and improve.
We have seen how mobile banking has shaped the way people around the world manage their money. Nowadays, it’s safe to say that the majority of Americans use some form of mobile or online banking as a way to access their accounts. Like online banking, it allows you to safely transfer funds, pay the bills, find ATMs, and find branch locations – all from the convenience of your mobile device.
The last decade has shown us that while mobile banking is relatively new, the trend is moving away from physical locations. Banks are changing and, as a result, the way we manage our finances is evolving. Companies like Marygold & Co. are looking for ways to adapt so that customers who want new features and services can stay “on the go.”
How Mobile Banking is Evolving
Considering how far mobile banking has come, what does the future of the fintech industry look like? Let’s take a look at the evolution of banking in the past to better understand where mobile banking and the industry are heading.
Drive-Thru Teller Service
The first real breakthrough was the “drive-thru.” People no longer had to park and walk in to possibly wait in line. They could accomplish everything they needed to do from the comfort of their car.
ATMs
Next was the Automated Teller Machine, aka the ATM. This saved both the customer and the banks a lot of time. Customers can arrive and deposit/withdraw whenever they need to. In turn, fewer tellers/bankers are standing around waiting for the customer.
The Internet
The biggest game-changer was the Internet. Being able to view your account remotely opened up the door for mobile banking to come in and introduce a plethora of new features. Customers have come to expect highly-personalized and engaging experiences.
Customer Expectations
There are plenty of emerging technologies mobile banking has introduced. Marygold & Co. will not only meet customer expectations but create a better customer experience. More convenience, more support, and more features. Some of the following are examples of how mobile banking has evolved and what to expect from future mobile banking:
More Security Features
With the emergence of new technologies comes the possibilities of new risks. Companies like Marygold & Co. have found a way to ensure your money is both safe and accessible. Having the ability to not only view what purchases you’ve made but also allow certain transactions depending on location help keep customers mind at ease. With that comes the ability to restrict it from being used internationally.
Security features like these allow for customers to feel safe and in control. Another helpful feature is the ability to toggle misplaced cards on/off. With a simple swipe, you have the ability to either find your card or avoid a phone call to automated machines. Having control like this can mitigate the risk of fraudulent charges.
Money (Saving) Pools
Marygold & Co. have improved on the idea of Money Pools and combined them with saving accounts. This can allow for both, short/long term financial goals to be met with reduced risk.
They allow for a more sophisticated investment structure – meaning you can earn more than a basic savings account while being FDIC insured. This is critical for anyone with long-term and short-term financial goals.
Payment Devices
Banking had become truly mobile and moving towards a more efficient future. Not having to carry cash or even a wallet is now an option.
We are now at the point where the clothes and accessories you wear include payment options. It’s as simple as waving or tapping any wearable to make a transaction.
Reaching for a card or phone is an extra step that technology has the ability to eliminate. NFC technology (Near-Field Communication) is a step towards the future. The way it works is deceptively simple, using short-range radio waves to communicate compatible devices. This technology has been used for a while in a variety of different industries. Now it’s pushing the needle forward on how banking handles payments.
Payroll is Easy to Receive
If you think debit and credit cards are a thing of the past, wait till you hear about Marygold & Co.’s direct deposit features. Having the ability to get paid as soon as the date hits without needing to go to the bank is one of the most innovative features. For decades, people have had to deal with having to wait to cash in on their hard-earned money. Your employer having the ability to pay instantly comes with all the advantages and no downside. It’s extremely simple to set up, which also makes it fast. On top of that, you eliminate the risk of stolen or lost checks. What really sets this apart is that it offers incentives like waiving monthly fees, meaning it’s free. Marigold & Co. does not charge you to sign up for direct deposit.
Send and Receive Money Seamlessly
Employers sending you money directly isn’t the only innovation. Receiving and sending payments from anyone with a smartphone is now available from the palm of your hands. Anyone with a cell phone or email has the ability to make mobile payments in an instant. It is safe and has added layers of security. Biometric scanners and face recognition allows for secure and seamless transactions between friends, family, landlords, and more.
Marygold & Co.
Enter: Marygold & Co. Now money doesn’t grow on trees, but Marygold & Co’s banking app features will make your money “flower.” That is to say that by using Marygold & Co, you’ll get the most out of your money. The Marygold & Co app gives you access to your money from the tips of your fingers. It is convenient and innovative, giving you access to many of the new features mobile banking has brought into the finance world.
As a recap, here are some of the benefits you can receive:
https://marygoldandco.com/wp-content/uploads/2020/10/MarygoldCo_Blog_FeaturedImage-1.png468705Smartpointhttps://marygoldandco.com/wp-content/uploads/2021/06/logo.pngSmartpoint2020-10-26 22:34:502021-10-21 01:35:14The Future of Mobile Banking
