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Bank of America testing functionality to make deposits remotely

Bank of America is currently testing mobile banking functionality that lets customers make deposits remotely.

The company is also introducing a new mobile banking service that lets customers manage their finances on the go. Customers who use the service will pay no monthly maintenance fee, regardless of the account balance or number of transactions in a given month.

“Customers are increasingly carrying a mobile phone or device with them,” said Donald J. Vecchiarello, spokesperson for Bank of America, Charlotte, NC. “Therefore, we continue to see an uptick in the number of customers using the mobile phone to bank – this is the next evolution of banking.

“Though we cannot comment on specific plans, we are actively evaluating new technologies to make things easier for our customers,” he said. “For example, we are currently testing a mobile banking functionality that allows customers to make deposits remotely.”
Bank of America serves individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. 

Mobile banking
Customers can check account balances, pay bills and transfer money via their mobile device.

According to Bank of America, more than five million customers manage their finances on the go via mobile banking.

“Customers who use this service prefer to bank on their own schedule, through convenient 24/7 channels,” Mr. Vecchiarello said. “This includes many students and young adults, customers who are comfortable banking electronically or through self-service channels, as well as customers who are cost-effective and value saving time and money.

“Bank of America will be communicating with customers in a variety of other ways, including through direct mail and advertising, as well as by developing banking center collateral and online resources,” he said.

SMS alerts
Customers can also opt-in for text banking that lets them stay connected to their account activity by receiving account and balance information.

Additionally, users can get automated alerts that let them know when their balance is low or when a payment is due so they can manage their balances and avoid overdraft or late payment fees.

“Our customers’ needs are changing, and we want to ensure our products and services are aligned to customer needs and behaviors,” Mr. Vecchiarello said.
“Customers want to bank with us whenever and wherever it is convenient for them, through 24/7 electronic channels such as online, mobile and text banking and ATMs – eBanking is designed for these customers,” he said. “Consumers want fast, easy and safe access to their accounts whether they are banking from their PCs, mobile phones or visiting an ATM. 

“The growth in mobile banking and image ATMs complements our banking centers – most of our customers use multiple channels.”

Final Take
Rimma Kats, editorial assistant at Mobile Commerce Daily, New York.