Receive text message alerts to track credit card activity
Did you know that many banking institutions have the ability to send you text message alerts to monitor your credit card activity? Your account can be configured to send text messages when payments are due, when payments have been received, and when you are close to reaching your credit limit.
Wells Fargo and Visa have developed Rapid Alerts for Wells Fargo Visa credit cardholders. This free service helps consumers manage and track their spending while providing them with near real-time detection of potentially fraudulent activity.
Rapid Alerts by Wells Fargo are enabled by Visa’s transaction alerts platform. Alerts are sent on behalf of Wells Fargo directly from VisaNet, Visa’s global processing network, allegedly within seconds of a transaction occurring. Rapid Alerts are triggered when the transaction meets certain criteria previously selected by the Wells Fargo Visa account holder and delivered via text message or e-mail. Rapid Alerts enable consumers to monitor their credit card account activity and take prompt action if they suspect a potentially fraudulent transaction is taking place.
Rapid Alert messages contain the amount, time and date of the transaction, as well as currency conversion and information relating to the merchant, such as name and location. Rapid Alert messages help customers track their spending and better manage their finances. Customers also will be alerted to Wells Fargo Visa credit card payments that are declined, which may also help remind customers of recurring payments that they forgot to update due to a reissued, lost or stolen card.
Wells Fargo credit card customers will be able to choose the kinds of transactions for which they wish to receive alerts. Criteria for transaction alerts that cardholders may choose include transactions that exceed a dollar amount chosen by the cardholder; transactions initiated internationally; card-not-present transactions, such as purchases made online or by telephone; cash withdrawals from an ATM machine; declined transactions; and gasoline transactions.
Log on to your financial institution’s online account management tool today to find out which text messaging options might be available to you.