Chase announced it has rolled out two new free mobile banking features to help customers manage their accounts more effectively.
Customers now can receive a text message the moment their checking account balance falls below a pre-selected amount - and then instantly transfer funds by sending a text-message reply as short as four keystrokes.
Already, Chase is sending out 725,000 low-balance alerts each week, helping customers keep track of their bank balances and avoid fees.
The new Instant Action Text Alerts improve upon Chase's very popular low balance account alerts, which were sent to customers after the close of the business day.
"The new features make it easier for customers to manage their accounts, and avoid making purchases that could overdraw their accounts," said Charles Scharf, head of Retail Financial Services at Chase. "Customers who liked our balance-alert emails are going to love these."
Customers can immediately - and simply - transfer funds from an eligible checking, savings or money market account by replying to text message alert as soon as it is received.
For example, to transfer funds, customers should reply by typing the letter "T" - which stands for Transfer - followed by a space and then the dollar amount.
* Sample: To transfer $250 = T 250.
If there is more than one eligible account to transfer from, the Chase text alert will show the customer the balance for two of those accounts and provide the option to choose either "A" or "B" as the "Transfer from" account.
* Sample: To transfer $250 from one of those accounts = A 250 or B 250.
Fund transfers via text message can only be made in response to a low-balance text alert.
The Instant Action Alerts are free and can be used by any Chase checking customer who has a mobile phone with an SMS - or text messaging - service and has signed up for the Chase MobileSM offerings. Customers can sign up for Instant Action Alerts and even set their own delivery time preferences and black-out times at www.chase.com, or by visiting a Chase branch.
Customers also can text Chase (24273) to get account balances and view transaction history on checking, savings, credit card, mortgage and home equity accounts.
Chase.com is optimized for mobile phone Web browsers - and available as an iPhoneSM application - so customers can pay their bills, transfer money, find Chase branches and ATMs, send wire transfers and complete other transactions through their cellular phone.
There is no charge from Chase to use the mobile offerings, but standard text message and data rates may apply from a customer's wireless provider.