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The Appeal of Online Finance

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. 

future of online banking

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.

online security

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.

customized security

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.

Customized Security Features

  • Debit card on/off capability 
  • Sleep mode
  • States/merchants/merchant categories/countries on/off switch
  • Spending limits tied to time and/or places
  • Text notifications when the card is used
  • 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. 

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?

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.

mobile banking deposit

Is Direct Deposit Safe?

Yes! Direct deposit is an electronic payment.

It actually passes through fewer hands than other deposit methods.

CreditRepair.com notes that direct deposit is the safest way to receive funds.

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.

mobile banking savings account

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.

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.”

mobile banking app

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.

banking on a mobile device

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's mobile banking app

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:

  • FDIC insured accounts
  • No-fee ATMs
  • Interest-earning savings account
  • Easy money transfers
  • Get paid early
  • Customized security