The mobile banking service will be free of charge, and deliver a more convenient service that is accessible anywhere at anytime. Initially, the bank will launch the service in Tennessee in early March, and thereafter roll mobile banking out to markets across the US.
The service is accessible to consumers who have mobile internet access via Verizon Wireless, Sprint-Nextel, Cingular and T-Mobile on a wide variety of handsets. At present, more than 85% of US mobile phone subscribers have the capability to use the internet on their phone.
By using the mobile browser on their handset, consumers can access a range of online banking services including checking the account balance, pay bills and the ability to transfer funds between Bank of America accounts.
In addition to the launch of this mobile banking service, Bank of America has also introduced a credit card for customers without a social security number, more specifically illegal immigrants.
Cited in Reuters, the Wall Street Journal said that the card would be available to those who lack a credit history and a social security number, but have held a checking account with the bank for a minimum of three months without an overdraft.
