What Are Cardless ATMs?

At their most basic, cardless ATMs will not be ATMs in a traditional sense. Instead, banking mobile apps will generate a code that consumers use to unlock their bank accounts. They can then use this code to withdraw money (yes, physical, paper money) from their accounts by tapping their phones when they are in front of an ATM. Then, the ATM will dispense money in the same way it would with a debit card.

Read More: A Brief Guide to Using Mobile Banking Apps

What Banks Are introducing Cardless ATMs?

Major American banks like Wells Fargo, J.P. Morgan Chase, and Bank of America have all designed plans for cardless ATMs. More major banks should be adding this technology to ATMs soon, too, if they want to remain competitive.

When Will These ATMs be introduced?

If you’re excited to use card-free mobile payments with ATMs, then you won’t have to wait much longer, especially if Wells Fargo is your bank. Wells Fargo users can withdraw money at any of the Wells Fargo ATMs around the country using their smartphone app. After a pilot program, the company implemented the phone-reading technology at its 13,000 ATMs around the country.

Why Are These ATMs Much Harder to Hack?

The reason why cardless ATMs will reduce fraud is primarily because they’ll reduce skimming, which is the practice of copying card and ID numbers from the magnetic strips on plastic cards used in ATM machines. In skimming, scammers use electronic devices, specifically fake card readers, to copy your personal information and your PIN number. Users wanting to withdraw money put their debit cards into the fake device, which, in turn, relays their information. At the same time, the scammers use cameras hidden near the ATM to record users’ pin numbers to use in conjunction with the card itself.

Just because customers want banking to be easy and convenient, however, doesn’t mean that they don’t also want their money to be completely safe and secure. And not only do customers want their funds to be safe from thieves, but they also want all of their financial and personal data to be well-guarded, too.

Read More: Ensure That Your Data is Being Securely Stored

Which banks have successfully launched apps that have that much-desired mix of safety and convenience? Here is a list of the top five online banking apps that walk that fine line:

1. American Express didn’t start out as a bank, but its banking app allows you to link easily with other banks to make fee-free saving easy.
2. Capital One consistently wins praise for its “Sureswipe” feature and for the overall reliability of its app, since no one wants to try to deposit a check and get the dreaded “service not available” message.
3. Chase has been investing heavily in its online banking app in recent years. The result is a feature-rich experience that has functions (like a touch-ID log on) to allay your safety concerns and smart design (like showing images related to your location) for a sense of fun.
4. PedFed, like many large credit unions, is making a real effort to move its customers to online banking to keep costs low. With its pleasant interface, that effort is likely to succeed.
5. Simple is a totally online banking platform, so it makes sense that it knows what customers want from an online banking app. Its offering is attractive and intuitive.

One thing you absolutely must consider, no matter which banking app you choose, is how safe and secure your own phone is. Mobile phones are vulnerable to hacking just like other computer devices are. The best way to protect your financial information is to install products, like those available from PSafe, that have been specifically designed to keep your phone and other devices safe and secure from hackers and thieves.

Amazon
This app preserves the design of the website, which makes it easy to navigate. Like on the website, you can search for millions of products, use 1-Click ordering, create or access registries and wish lists, and receive all necessary information on current deals. There are many convenient features included as well, such as the ability to search for items or track orders with your voice, scan a competing product’s barcode to compare the price to available Amazon products, and receive app notifications on the status of your order.

Read More: The Current Top Five Free Apps for Your Android

Overstock
This app has many of the same features as the website, and allows you to browse and purchase discounted products from the convenience of your smartphone. You can receive notifications on coupons and daily deals to make sure you get the items you want at the price you want. There’s also the option to purchase items with Android Pay — another perk.

eBay
If you’re a fan of eBay, then you need to download this app immediately. This app makes it even easier to buy, sell, shop, and make bids on the go. It also includes a barcode scanner to search for relevant items, compare prices, and make listing items for sale faster. App notifications are also included so you can keep better track of your items.

Etsy
Further discover unique, handcrafted goods on the go with the Etsy app. The app makes it easy to browse for a last-minute gift or an item you didn’t know you needed until now. This app includes recommendations according to your tastes, notifications on items you’ve purchased, and information about Etsy events near you.

Protect Your Device with PSafe
Many of the above-mentioned apps request a lot of permissions from your smartphone that are necessary for full use of the app. As a precaution, remember to read through the permission requests so you know what the app is accessing from you. Unfortunately, many malicious apps are designed to mimic popular apps in order to gain access to your phone through these permissions. Be aware of any suspicious-looking apps, and download PSafe Total for your Android to protect your device against malicious threats 24/7.

1. View Your Transactions

Once you’ve downloaded the app to your phone and set up your account information, you can view your recent transactions. First, sign into your account. Your account balance should appear on the main screen. Next, click on the account you want to view. You can see money you’ve spent — usually represented with a dash or in red font — and the money that’s been deposited into your account — often represented in blue. You can also see which transactions are pending and which ones have been cleared.

2. Pay Bills

Another helpful feature, Bill Pay, lets you add payees, schedule automatic payments, and transfer funds directly into others’ bank accounts. First, you’ll need to add payees to your list. Under Bill Pay, you’ll see a screen that says something like “Manage Payees.” To add a new one, you’ll likely need your intended recipient’s account number. Once that’s set up, you can schedule either one-time or recurring payments directly from your phone.

3. Deposit Checks

If you’re still receiving paper checks, you don’t have to go to the bank anymore. Instead, online apps use your phone’s camera to deposit a check directly to your account. First, click on the “Deposit Check” button in your app. Next, sign the back of your check as usual. The app will require you to take a picture of the front and back of your check. Be sure to position the check in bright light on a dark surface so the shot is clear enough to read the account information on the check. After you fill in the check’s amount, the app will deposit the money into your account immediately or within a few hours.

4. Set Alert Notifications

Your online banking app will send you text message notifications for any parameters you specify. For example, you could set your app to notify you when you’ve made too many withdrawals in one day or when an account dips below a certain dollar amount.

While it’s great to master mobile banking for your own piece-of-mind, you still are transferring sensitive financial data through your smartphone. Double your protection by downloading PSafe Total. The free software keeps your phone secure with proven antivirus and antitheft features.