Trends for Getting Cash in 2018

March 2, 2018 | Doug LaFave

A new year brings greater advances in technology, and with those advances, banking technology trends emerge in the financial industry. New technology in banking makes it easier and faster than ever to get cash, earn cash or share your cash with others with person-to-person payments. Here are some new and familiar ways to access your cash in 2018:

Person-to-Person Payments

You’ve probably already used, or been asked to use, person-to-person payments (or P2P) by now. Whether it’s Venmo, Zelle or Popmoney, P2P service is a popular way to transfer money to another individual’s account. P2P services are often used by small vendors, or to request money if someone owes you after a night out. Mission Federal Credit Union is pleased to offer Popmoney service to our members. It works as long as one of you has the app, and as long as you have the other person’s mobile phone number or email address and are enrolled in Online Bill Pay. Making group purchases is easy in 2018—your sister can securely send you half of the cost of your dad’s birthday present with just a few clicks.

Cardless ATMs

Financial institutions are developing new banking technology to allow ATM access without a card. This reduces the risk of card skimming and card theft, and can make hacking into a bank account more difficult. Instead, you access your bank account with your smartphone using a code generated by your mobile banking app. Though this method does necessitate excellent security practices on your phone, advances in smartphone technology and advanced mobile banking security will make this a more secure and easy way to get cash in the future.

Standard ATMs

The truth is, cash isn’t going away any time soon. Even if you’re unfamiliar with the latest technologies, Automatic Teller Machines (ATM) are still popular. When you need to make a quick deposit or grab some cash, nothing beats the convenience of an ATM with 24/7 access. If you have a Mission Fed Debt Card, you’ll also have access to 30,000 fee-free CO-OP ATMs throughout the United States and Canada, including those at many 7-Eleven stores, offering you easy access to your account when you’re at home in San Diego and when you travel. Find your closest Mission Fed ATM here.

Cash Back Rewards

Many credit cards offer cash back rewards, so you can earn cash on the purchases you make. At Mission Fed, we offer Mission Rewards with our Mission Fed Platinum or eligible Classic Mastercard Credit Card. If you enroll your Credit Card in Mission Rewards, you’ll earn 1 point for every dollar you spend. Then, you can redeem your points and choose from a number of reward options, from airline tickets and hotel stays to gift cards or cash back. Enjoy earning bonus points at selected merchants and points that won’t expire as long as you use your Mission Fed Credit Card once every two years.

Whether you’re transferring cash electronically or heading to your local ATM in person, cash is still going strong. The latest credit union technology helps you access cash conveniently and securely. Stop by and let Mission Fed help you learn how to keep cash in your pocket. Your success is our bottom line.

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The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article by Mission Federal Credit Union is for the information and convenience of its readers and does not constitute endorsement, control or warranty by Mission Federal Credit Union.

Doug LaFave

Doug LaFave

Doug LaFave is 1st VP of IT Strategy at Mission Federal Credit Union where he oversees many strategic technology initiatives. Doug has nearly 30 years’ experience in the credit union industry, with over 25 years in Information Technology. Doug believes technology greatly improves our lives—so long as we don’t actually let it run them.

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