Putting the power of banking right in the palm of your hand
Tanya Arbuthnot, electronic banking officer at the Bank of St. Francisville, was standing in line at the grocery store with her friend. They were discussing the bank’s mobile banking tools, and other shoppers were listening in. “Everything the big banks offer,” Tanya said. “Sometimes even more.”
Take People Pay, the peer-to-peer (P2P) payment system that has become the go-to way for tech-savvy folks to split the dinner bill, pay the babysitter, or settle up with friends after a weekend away. Arbuthnot, who’s been with the bank a decade, was explaining how People Pay, which comes baked in to BSF’s mobile banking app, allows you to pay anyone for anything—from paying the coach for soccer registration fees, to sending your niece a cash gift for graduating college—directly from your checking account using your phone, eliminating the need to ever carry cash or write a check.
Better still, People Pay is FDIC insured, unlike some other peer-to-peer transfers that aren’t backed by a bank. That’s a good thing, because if a payment is ever misdirected, you’ve got federal law on your side to help resolve the error. Another good thing about People Pay: it saves time and money. The money is transferred immediately, and the service costs pennies on the dollar to use, compared to $15 for a wire transfer.
“Our biggest mobile benefit is that our customers can track their finances on the go and on the move,” Tanya explains. “The majority of customers don’t sit down on Friday night and balance their checkbook. Instead, they pull out their phone and check their balance. Everything you’re doing on the computer? Well now your phone is your computer.”
It’s the world in the palm of your hand, and the BSF Mobile app puts all the banking services you can access online, right into your phone. Through the mobile app customers can access statements, check balances, deposit a check by snapping a picture, send money to family and friends, and make purchasing decisions on the fly. “When you’re out shopping, you can ask yourself, ‘Can I make this purchase?’ You check your phone and if you’re over the limit, you know you need to put something back.”
So why wouldn’t every single customer take advantage? Fear of the unknown. “Sometimes when folks aren’t accustomed to a new way of doing something they need a little help to get going,” she says. “Also, security is a big concern. I can assure my customers that I have the capability to keep their accounts safe. People say, ‘What happens if I lose my phone and I have People Pay? What if someone gets it and tries to send themselves money?’ Well, aside from the security features on your phone, the user would still need your banking username and password. And if all else fails, I can simply deactivate it.”
If a situation ever arises where you need help with your online or mobile banking tools, all you need to do is call. You’ll get one-on-one personal service every time. No matter which way you prefer to bank—In person, online, or from your phone in the palm of your hand—Bank of St. Francisville’s staff are here to help, every step of the way.