Cell-phone Banking

Today, more and more banks are offering cell-phone banking to their customers. With this feature you can access your bank account and make transactions. This convenience will be a large benefit for consumers. For example, before you take out $200 out of one of your bank accounts you can make sure that money is available to be withdrawn. Also, you can easily verify when checks have been cashed.

In order to receive this benefit you must have internet access, and this could be a huge benefit to the cell phone companies if you need to upgrade plans or spend more money each month.

Wachovia (WB), CitiBank (C) and Bank of America (BOA) have lead the way for this to now become on industry standard. Each bank has recommendations of which applications will be most efficient to access your bank account. Many consumers will be concerned about security and each bank has their own plan with dealing with it. Bank of America offers a 60-day “zero-liability,” but it must be reported within that time-frame.

Cell-phone banking will be the next be thing in banking and is something to consider when investing in banks and cell phone plan providers.

Written by Nagel on April 7th, 2007 with no comments.
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