Some holiday shoppers with cellphones in hand will be able to check their bank-account balances through new mobile banking systems as they contemplate big-ticket purchases this year.
Mobile banking allows certain bank and cellular customers to check their account balances and transfer funds via Internet-enabled mobile phones. The systems rely on an Internet application specially configured for mobile phones that allows transactions to be made without making a call or using a computer.
FirstBank, Wells Fargo, Wachovia and Citibank are among the banks that offer mobile banking. FirstBank launched its mobile banking service for AT&T phone subscribers this month and expects to gain access for Verizon subscribers next month.
Mobile banking has been relatively slow to catch on, with some consumers concerned about security and some systems requiring registration. FirstBank customers register for the mobile system, which encrypts data stored on the phone and uses a special PIN.
“We’re picking up early adopters,” said Rob Chaney, executive vice president at FirstBank.
