Mobile Banking, Mobile Deposit, Mobile Wallet: What's the difference?

April 28, 2020

They all start with the word mobile, are available for your smart phone or tablet, and have something to do with your bank and money. You may see these terms used more and more as banking from home becomes the norm, but what is the real difference between all three terms? 

Mobile Banking = Online Banking

The mobile banking app is a more convenient point of entry to your existing bank account. It is exactly the same as your FSB I-banking account on your computer. Instead of opening a web browser, typing in FSB1879.com, and logging into your account (which definitely works, but is not very quick), you just download the FSB app and login. You can even use your phone's biometric login, like face or thumbprint recognition, to access your account in seconds. The uses of mobile banking are the same as online banking - get an overview of your account balances, transfer funds, retrieve statements, set account alerts, plus access to the mobile deposit feature.

Learn more about using the mobile banking app

Mobile Deposit = Check Deposit

Mobile deposit is a feature within the Mobile Banking App. It allows you to deposit checks at home without going to the bank or ATM. After logging into Mobile Banking you can select Mobile Deposit to take photos of your checks and deposit into your account. Mobile deposit is ONLY available on the app. This feature is not available from a computer.

Learn more about using mobile deposit

Mobile Wallet = Debit and Credit Cards

A mobile wallet is an alternative of your physical wallet. You can connect all your existing debit or credit cards and pay for purchases instantly with the tap of a button. Mobile wallet is a feature of your smart phone. The app is not controlled by your bank. When it comes to a flexible and safe paying system, there is nothing that compares to mobile wallets. Using a mobile wallet requires no contact in store, and the merchant does not receive your credit card information. Instead they receive a unique number called a token. This encrypted token allows payments to be processed without exposing actual account details that could potentially be compromised. Your real card number will remain safe.

Learn more about using mobile wallet

Odds are, your phone is tied to you at all times. Why not try some features that make managing your accounts easier and safer? As always, if you have any questions about using any of these products the FSB Customer Service Team is always here to help.

This blog is intended to be an informational resource for readers. The views expressed on this blog are those of the bloggers, and not necessarily those of FSB. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. FSB does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog.