News

Want to control your ATM card use? There's an app for that

November 14, 2013

In financial services, the consumer's No.1 expectation is to be in control. Particularly, consumers want to know that they can get to their money any time they want to — and that thieves can't get to it ever.

Starting early next year, credit unions served by the Co-op Financial Services CUSO will be able to offer a new level of control to their members with a "card control and alert" mobile app.

Rancho Cucamonga, Calif.-based Co-op recently announced plans to introduce a mobile app featuring card control and alerts capabilities that will allow members to preferences for how, when and where their bankcard is used. Controls include transaction type, merchant, location and payment thresholds. (The app will also offer self-service functions that include balance inquiries and fund transfers.)

Controls can be set so that when a card is used in a way that’s inconsistent with the user-identified parameters, transactions on the card are immediately denied and the cardholder is alerted.

Controls can be set in any number of ways:

• location — the cardholder specifies a geographic region where the card can be used, with transactions denied when used outside the parameters;
• transaction — the cardholder specifies allowed transaction types, such as in-store, online, recurring or ATM cash withdrawals;
• merchant — merchant categories can be limited to gas, hotel, travel — whatever the cardholder mandates;
• dependent — businesses, for instance, can set controls per employee based on their location and corporate rank; and
• on/off — the cardholder simply turns the card on or off.

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