Cell Phone Banking Is Here
Posted on July 20, 2007
My bank, USAA, has just made available mobile banking so that I can access my account from my cell phone. This is a huge feature that will change the way I do my banking. At a moments notice I can buy a stock, transfer funds, or check my account balance. Many banks are finally offering this feature as the marketplace is demanding it. Celent LLC, a research and advisory firm reports that for 40 percent of 18 to 25 year olds mobile banking services will be a factor in choosing a bank. Retail banking has become an extremely competitive market and some that have offered mobile banking services early are:
- Bank of America. Mobile banking is now available to customers at www.bofa.mobi from your cell or smart phone browser. Services offered include access to your checking, savings, credit card, mortgage, line of credit, loan, and other accounts with Bank of America and its affiliates, web bill pay, funds transfer to any other Bank of America account, and ATM locator.
- Citibank. CitiMobile is a download that allows customers to view real-time balances, pay bills, set up future payments, transfer money, find a financial center or ATM, and direct connect to customer service representatives.
- Wachovia. Mobile services include viewing and monitoring of account activity and account balances as well as the ability to transfer funds between eligible accounts.
The drawback factors to be aware of with mobile banking is security and your cell phone carrier’s data plan. Ensure your bank extends its liability policy to mobile banking in case you are the victim of fraud. Your cell phone carrier’s data plan must be in an unlimited mode to use mobile banking on a regular basis. You do not want to find yourself in a situation with a huge cell phone bill because you were trying to save money by following your expenses on your cell phone.
If your bank does not offer mobile banking yet be sure to check out third party services like Geezeo.
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