IPhone Financial stuff

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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btenny
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IPhone Financial stuff

Post by btenny »

My wife has new 6 Plus IPhone and we used it a ton on our vacation. We liked it so much I am wondering if I can just quit carrying 1-2 laptops on vacation. Only use the IPhone. What are the issues? Does anyone on here use a smart phone to read financial account balances and your checking account balance and to transfer money from brokerage accounts to checking and so forth.
nordlead
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Re: IPhone Financial stuff

Post by nordlead »

I use my Nexus 5 to access Ally bank and I have used it to access vanguard. For Ally I use echeck deposit, bill pay, money transfers, and everything else on my phone. It is extremely convenient. I haven't even considered doing transactions for Vanguard on my phone. The one time I used the vanguard app I wasn't too impressed.

Although, I'm not sure why anyone would access bank accounts on vacation unless these are extended vacations (like 2 weeks or more). For me, everything goes on a CC or cash is withdrawn ahead of time or with my Ally ATM card (reimbursed fees).
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Toons
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Re: IPhone Financial stuff

Post by Toons »

I do banking and investing all the time on my smartphone,when traveling. :happy
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Topic Author
btenny
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Re: IPhone Financial stuff

Post by btenny »

What about security and viruses?
Sidney
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Re: IPhone Financial stuff

Post by Sidney »

How long are your vacations? I've found that I can usually get things done before I leave or they can wait until I return. But I've never taken more than three weeks vacation at a time.
I always wanted to be a procrastinator.
new2bogle
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Re: IPhone Financial stuff

Post by new2bogle »

I do pretty much everything on my iPhone. Wife's 6 Plus is better with the larger screen (but I can't carry that in my pocket). Last time I went on a business trip I didn't even use my laptop.
Afty
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Re: IPhone Financial stuff

Post by Afty »

btenny wrote:What about security and viruses?
Honestly an iPhone is probably safer than your PC, because it's less open. You can't install any software on it that hasn't been vetted by Apple, which means it's much harder to get malware/viruses. You can't use browser extensions, another common way of getting malware. The flash storage is encrypted, which means if you lose it, no one will be able to read the data on it without your lock code. You can also wipe it remotely through the Find My iPhone app.
bloom2708
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Re: IPhone Financial stuff

Post by bloom2708 »

I have a 6" phablet (ZTE Grand X Max + from Cricket Wireless). I can do all my banking and Bogleheading on this device. I actually sold my Kindle and a Surface RT to consolidate to a single device. My local bank, Vanguard, Fidelity, Personal Capital, credit cards like Costco Amex and Barclay card all have apps that work great.

The larger screen size makes surfing the web reasonable. 3,200 mah battery lasts a long time. It fits in my front pocket when I have shorts on, but jeans are not the best for a larger sized phone.

The best part is you can buy good phones with larger screen sizes very reasonably. The ZTE is $169.95 at Cricket now. 16gb, quad core processor, Android.
"We are here to provoke thoughtfulness, not agree with you." Unknown Boglehead
bondsr4me
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Re: IPhone Financial stuff

Post by bondsr4me »

I use the Vanguard app on my iPhone.
But I don't do a lot except snoop in our account.
Have a great day
Don
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Re: IPhone Financial stuff

Post by logicon »

I do many financial tasks on my iPhone:
  • Ally - depositing checks, bill pay, transfers
  • Various credit card apps - checking balances
  • Personal Capital - aggregating portfolio performance across all my accounts
  • Mint - used when Personal Capital is acting up
  • Vanguard - to fund and manage our Roth IRAs
  • E*Trade - to sell off ESPP and RSUs
  • Credit Karma - monitor credit report
  • Robinhood - used to buy 1 share of BRK.B for the Geico discount
  • Square Cash - send money to individuals
  • YNAB - plan spending
  • Apple Pay - use my credit cards securely
Unless I am doing something involving research or complex reconciliation, I do it all on my phone.
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watchnerd
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Re: IPhone Financial stuff

Post by watchnerd »

btenny wrote:My wife has new 6 Plus IPhone and we used it a ton on our vacation. We liked it so much I am wondering if I can just quit carrying 1-2 laptops on vacation. Only use the IPhone. What are the issues? Does anyone on here use a smart phone to read financial account balances and your checking account balance and to transfer money from brokerage accounts to checking and so forth.
On our trip to Spain last November, we did it all with an iPhone (to use when walking around) and an iPad (used in the hotel). I left the MacBook Air at home.
60% Global Market Weight Equities | 15% Long Treasuries 15% short TIPS 10% cash || RSU + ESPP
iskey
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Re: IPhone Financial stuff

Post by iskey »

I often walk down to my credit union to deposit some cash, then on the walk back I'll contribute that deposit to my IRA with Vanguard's mobile app. Works fine for me.
crg11
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Re: IPhone Financial stuff

Post by crg11 »

I could do my normal every day financial tasks (check the banks, credit cards, etc) with my iPhone. With my iPad, I can keep YNAB and simple spreadsheets up to date.

The trickier part is complex spreadsheets and things like archiving PDFs. There is really no substitute for a full computer for those.
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meowcat
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Re: IPhone Financial stuff

Post by meowcat »

I never, ever enter any kind of financial user name and password using a public hot spot. That's just asking for trouble.
More people should learn to tell their dollars where to go instead of asking them where they went. | -Roger Babson
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beyou
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Re: IPhone Financial stuff

Post by beyou »

No more or less safe than an ipad or laptop, unless you count the possibility of loss of a smaller
device being higher. 4G may be a bit safer than wifi, but financial sites use SSL which would encrypt
either way. Loss with cached passwords is the killer.


1) Don't lose it.
2) There are security features to track it, and more, read up.
3) Don't save the passwords on the device.
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meowcat
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Re: IPhone Financial stuff

Post by meowcat »

blevine wrote:No more or less safe than an ipad or laptop, unless you count the possibility of loss of a smaller
device being higher. 4G may be a bit safer than wifi, but financial sites use SSL which would encrypt
either way. Loss with cached passwords is the killer.


1) Don't lose it.
2) There are security features to track it, and more, read up.
3) Don't save the passwords on the device.
Criminals have been known to set up their own hot spots with names like Starbucks, JFK airport, Mcdonalds, etc. Many times, one is not even aware they are logging on to a criminals personal domain where software is tracking their every keystroke.
More people should learn to tell their dollars where to go instead of asking them where they went. | -Roger Babson
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Leif
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Re: IPhone Financial stuff

Post by Leif »

I use the iPhone on vacation for photos and messaging, primarily. However, for an additional pound, I prefer to also pack an iPad for the larger screen. Easier to watch videos. If you just want to do financial transactions then just the iPhone would be fine. I would use cellular rather than WiFi for financial.
Last edited by Leif on Fri Jun 12, 2015 8:44 am, edited 1 time in total.
jebmke
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Re: IPhone Financial stuff

Post by jebmke »

blevine wrote:No more or less safe than an ipad or laptop, unless you count the possibility of loss of a smaller
device being higher. 4G may be a bit safer than wifi, but financial sites use SSL which would encrypt
either way. Loss with cached passwords is the killer.


1) Don't lose it.
2) There are security features to track it, and more, read up.
3) Don't save the passwords on the device.
Also, accessing accounts from the same device that might be your second factor in 2FA doesn't seem to make sense to me.
When you discover that you are riding a dead horse, the best strategy is to dismount.
texasdiver
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Re: IPhone Financial stuff

Post by texasdiver »

btenny wrote:My wife has new 6 Plus IPhone and we used it a ton on our vacation. We liked it so much I am wondering if I can just quit carrying 1-2 laptops on vacation. Only use the IPhone. What are the issues? Does anyone on here use a smart phone to read financial account balances and your checking account balance and to transfer money from brokerage accounts to checking and so forth.

Yes you can use nothing but your iPhone.

In fact there are millions of people who use nothing but their iPhone for financial transactions all the time, not just when on vacation. My wife is one example. I don't think she has ever logged into a bank web site, she just uses her phone. You are more vulnerable to viruses on your laptops than on your iPhone. If you are nervous do as others have suggested and turn off wifi when you do financial transactions so you are only using cellular data.
Topic Author
btenny
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Re: IPhone Financial stuff

Post by btenny »

Hey everyone. Thanks for the info for this old guy. I guess I will move into the 21st century and start using the IPhone for financial stuff as long as we use it in real cell phone mode and keep it from storing passwords. It sure would be handy to only carry a IPhone while on vacation and no laptop at all. Especially for short trips via plane or boat.

But now I have a second question. How many of you use a password/number to long onto your IPhone? Right now my wife has nothing. What are the issues?

Thanks in advance..
bloom2708
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Re: IPhone Financial stuff

Post by bloom2708 »

I would definitely recommend putting a pin password on your iPhone. 4 digits. Use your ATM pin or some number that is secret and not easy to guess like your birth year.

iPhones have built in security features that prevent users from extended guessing. You are locked out for ever increasing time periods. 30 minutes, 1 hours, 4 hours, 24 hours. This makes even attempting to guess a simple 4 digit pin tough should your phone be lost.

The apps themselves might remember your username, but never your password. Some apps require text verification the first time you log in. This makes sure you are you.

You can set your phone to have a short wait period, 1 to 3 minutes before it requires the password again. That way if you are in and out of your phone you don't have to enter the pin if it is within the lock period.
"We are here to provoke thoughtfulness, not agree with you." Unknown Boglehead
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SmileyFace
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Re: IPhone Financial stuff

Post by SmileyFace »

I do everything pretty much everyone else mentioned. Additionally I deposit checks using my SmartPhone (my bank has an App for that - most probably do now - you just take a picture of the front/back of check and submit and it is deposited).
Fclevz
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Re: IPhone Financial stuff

Post by Fclevz »

btenny wrote:How many of you use a password/number to long onto your IPhone? Right now my wife has nothing. What are the issues?
Turn on the TouchID fingerprint reader.
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beyou
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Re: IPhone Financial stuff

Post by beyou »

meowcat wrote:
blevine wrote:No more or less safe than an ipad or laptop, unless you count the possibility of loss of a smaller
device being higher. 4G may be a bit safer than wifi, but financial sites use SSL which would encrypt
either way. Loss with cached passwords is the killer.


1) Don't lose it.
2) There are security features to track it, and more, read up.
3) Don't save the passwords on the device.
Criminals have been known to set up their own hot spots with names like Starbucks, JFK airport, Mcdonalds, etc. Many times, one is not even aware they are logging on to a criminals personal domain where software is tracking their every keystroke.

I would be aware. I always look to see what wifi connection I am using, if I in fact even use wifi outside my own home.
I mostly turn off wifi when not home, both for security and reliability of having a continuous connection with a single provider.
At home I check too, don't want to accidentally connect to a neighbor's wifi. Easy to check. Make sure you are using
your cable company or home wifi, wouldn't trust any others.
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stickman731
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Re: IPhone Financial stuff

Post by stickman731 »

Yes, I used my ipHone6 for many financial transactions, but the features I like the best are notifications / text messages I receive on charges for all my credit cards (it actually helped VISA security catch a credit card skimmer in my local supermarket). You need to set the alerts up for all credit and debit cards.

I also like it when institutions like Vanguard sending me a digital code via text to access my account. Added layer of security.
Topic Author
btenny
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Re: IPhone Financial stuff

Post by btenny »

Sounds like I will have to download some of the banking and investments company apps and see how they work. I am mostly wondering if they store user names in the app. Keeping your user names private and unknown is almost as important as a good password.

I use funny user names that are hard to guess for all my finance accounts. Then I use a different funny password as well. This gives me OK two factor authentication. And this is a key part of most companies log on security.

Regarding the finger print reader I don't think we will be using that feature. Letting that Id feature be stored inside some portable device so it can be extracted and used at a hackers convenience is not a good idea IMO. Just saying.

Good Luck.
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Re: IPhone Financial stuff

Post by logicon »

blevine wrote:
meowcat wrote:
blevine wrote:No more or less safe than an ipad or laptop, unless you count the possibility of loss of a smaller
device being higher. 4G may be a bit safer than wifi, but financial sites use SSL which would encrypt
either way. Loss with cached passwords is the killer.


1) Don't lose it.
2) There are security features to track it, and more, read up.
3) Don't save the passwords on the device.
Criminals have been known to set up their own hot spots with names like Starbucks, JFK airport, Mcdonalds, etc. Many times, one is not even aware they are logging on to a criminals personal domain where software is tracking their every keystroke.

I would be aware. I always look to see what wifi connection I am using, if I in fact even use wifi outside my own home.
I mostly turn off wifi when not home, both for security and reliability of having a continuous connection with a single provider.
At home I check too, don't want to accidentally connect to a neighbor's wifi. Easy to check. Make sure you are using
your cable company or home wifi, wouldn't trust any others.
Or you can set up VPN on your iPhone using something like https://www.tunnelbear.com so your connection is encrypted wherever you are.
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