Bank of America is to roll out a comprehensive mobile banking service to its 21 million online banking customers nationwide.
Subscribers to the free service will be able to use their cell phones and smartphones when they're on-the-go to check account balances, pay bills and transfer money. The bank is launching the service in Tennessee beginning in March and will roll mobile banking out to markets across the country through mid-year.
The service will be accessible to consumers who have mobile Internet access via Verizon Wireless, Sprint-Nextel, Cingular and T-Mobile. More than 85% of mobile phone subscribers in the US currently have the capability to access mobile Internet through their cell phones, says the bank. Customers will also be able to use a wide variety of mobile phones and devices, including Motorola, Nokia and LG handsets or popular smartphones, such as Palm Treo, RIM Blackberry or Motorola Q.
"Consumers can verify their account balances at the check out counter to ensure they have enough funds in their accounts or pay their bills while commuting to work or waiting in line," says Sanjay Gupta e-commerce executive for Bank of America.
The service uses the bank's image authentication SiteKey service to identify customers and includes a zero liability guarantee for all transactions. Information passed between the bank and the user device will be fully encrypted, says the bank.
Bank of America customers already can access locations of ATM and banking centers from their mobile phone browser. In addition, they can receive a variety of e-alerts via e-mail or as a text message on their mobile phone that helps them detect possible fraud and keep track of their accounts.