Tuesday, June 15, 2021

Join our email blast

Electronic Banking Keeps Evolving

Posted October 17, 2012 in Advice Column, Winterset

First, there was the ATM card. You could get money from strategically placed ATM machines at grocery stores and outside some banks.

Then debit cards that you could swipe anywhere that Visa and MasterCard were accepted. Along with that came Internet banking, automatic payments, auto deposits and bill pay. When bill pay was first introduced, you signed up with a website vendor independent from your bank. It was a cumbersome process; some probably remember it. Now, bill pay is a feature that most cannot live without. Banks, like American State Bank, have made this process seamless. With one click of the mouse, you tell it who you want to pay, how much, what day, and we send the check for you. Then, like flipping on a light switch, the transaction is on your online statement. Couple this with our real time banking features and  it’s pretty hard to miss recording a transaction.

Here at American State Bank, we have seen some of the same progression with direct payment services. These settlement services have been popping up in droves as people search for a way to safely send and receive money to another person. Prior to direct payment providers, you had to be a large company that could access safe ACH, Automatic Clearing House or credit card processing units. Very much like the initial bill pay processing, they are cumbersome because you have to sign up for yet another service you know nothing about. Sometimes even more frightening is blindly entering in your account information into their website. In some cases, with these outside services, you even have to have another account with money on deposit.

Times are evolving, and there are an increasing number of P2P and P2B transactions that take place every day. Consumers are buying and selling more online. They need a safe, secure and easy way to take and receive payments through the process. This is a financial service that people need. They need to know that they have a safe and secure way to send money P2P and P2B. It’s great news for you that some community banks are beginning to provide these services. At American State Bank, we call it PopMoney. It is part of our Internet and bill pay services. You can send money now through email and text messages to almost anyone. More community banks will add these services, and as they do you will find, like bill pay, it will become something you can’t live without.

If you want to know more about PopMoney and direct payments, I invite you to stop by the bank and see me. I will be more than happy to share more information.

Information provided by Kendall S. Kerns, senior vice president American State Bank, 113 S. John Wayne Drive, 462-5090.

Post a Comment

Your email address will not be published. Required fields are marked *