These days, the average college student can get by very easily without needing physical cash. Most of us have debit or credit cards, use Venmo to pay our friends, or use our GO cards at on campus dining locations. However, certain activities (cover charges at dance boutiques), restaurants (Pho 79 in Rosslyn, Virginia), or events organized by student clubs require cash payments (Rangila tickets or GUGS burgers). At many places, it can also be cheaper to pay in cash.
Georgetown has PNC ATMs located throughout campus as well as a fully-functioning office located in the Leavey Center with a PNC representative who can help with any questions.The credit union also offers conveniently located ATMs for students. You can check out our recommendations for banking options on campus here. However, depending on what bank you have, it may not always be easy or convenient to access cash or take care of your banking needs.
1. You Can Track Your Account Balance
Mobile banking can help alleviate any stress that banking may come with. The best thing about mobile banking is that you can quickly check your account balance before you go shopping or out to dinner with friends so you know exactly how much you have. It’s also easier to track your spending habits with a mobile app. According to this report, three out of five mobile-banking users check their account balances before they make large purchases.
2. You Can Deposit Checks
Most of us who have work study positions or internships during the semester receive our paychecks through direct deposit into our bank accounts. However, sometimes you’ll get reimbursements through checks or if the direct deposit link hasn’t been set up yet, you may get your first paycheck in the form of a physical check. In this case, it’s super convenient to simply deposit via your mobile app. All you have to do is sign the back of the check and take a picture of both sides, and the money will be transferred into your account usually within one or two business days.
3. You Can Set Up Notifications
You can manage your bank account information online just fine, but having the mobile app for your bank allows you to access your information instantly. Typically, you’ll receive email alerts when you deposit money or if your account balance is low, but the mobile app will help you get these notifications faster. You can also set up specific alerts to remind you when certain payments are due. If you’re looking for more useful apps to help manage your finances, check out our article on the best finance apps for college students here.
There are many benefits to mobile banking, however it’s understandable that many customers still prefer walking into a bank to deposit a check in person or ask any questions they may have about their accounts. However, the busy college student can definitely appreciate the convenience that mobile banking offers!