I was in a meeting the other day when one of my coworkers received a text message on her cell phone from the bank where her daughter, a college sophomore, has an account. She looked at her phone and commented, “It looks like there’s some strange activity on my daughter’s account.”
After the meeting she contacted her daughter and discovered that the strange activity was fraud, but thanks to the early detection by her bank, it would be handled swiftly. This experience was a powerful personal reminder of how technology can now mitigate the risk of fraud in our banking relationships.
The message my coworker received is called an alert. Banks send alerts to inform or remind you of important transactions, including those that might place you at risk. Alerts can be sent to an individual, a group, or even a department. Best of all, online banking allows you to set up alerts to meet your specific needs.
For example, you can configure alerts to inform you when:
- All transactions from the previous day exceed a certain threshold
- A check has cleared
- Your balance drops below a pre-selected dollar amount
In addition to helping combat fraud, alerts can also help you manage your account by understanding transaction posting times and balance levels.
At ECCU we offer these types of alerts and more through online banking. To find out more, follow this link.
How have you used alerts on your online bank accounts?