Tuesday, September 2, 2014

Banking by smartphone can hang up your money

Using a mobile banking app will eliminate a trip to the branch or ATM, but it could dramatically slow down the process. At some financial institutions, mobile deposit can delay access to those funds by a week or more.

"That's ridiculous and really inconvenient," said Jeff Blyskal, senior editor at Consumer Reports. "These days, people need their money as quickly as possible in order to make ends meet." (Read the magazine's story, Pros and Cons of Mobile Check Deposits.)

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