Lloyds launches balance on demand text service
Customers of Lloyds TSB are now able to receive bank balance updates via text message as part of the bank’s new Balance on Demand service.
While the bank’s customers have been able to monitor and manage their accounts via their mobile phones for a while, they will now be able to request their latest balance, and details of their last six transactions.
Lloyds is the first bank in the UK to launch this type of service. All customers who are signed up to mobile banking can use the Balance on Demand service, which also allows them to move money securely between their Lloyds TSB accounts.
Mobile banking is currently free for customers with premier or private banking accounts as well as students, but for everyone else the service costs £2.50. You will also be charged at your standard network rate to make a text request for your bank balance.
Peter Jackson, managing director of consumer banking at Lloyds, says: “With our range of mobile banking services we’re able to give customers the help they need to keep an eye on their accounts, and make the most of their money. And all through a mobile phone.”
What do you get for your money?
* Request your latest balance via text.
* Find out when you are near or over your account limit, or when when you exceed, hit or are near to hitting your own pre-agreed limits.
* Alerted when your debit card is used abroad to make a purchase or withdraw money.
* Get a weekly account summary, including your last six transactions and your balance.
Mobile banking services:
* See your up-to-date account balance and your last six transactions.
* Transfer money between your Lloyds TSB accounts.
* Top-up pre-pay on up to five mobile phones from your current account.
Issued by a bank as part of a current account and, in a nutshell, serves as electronic cash. Unlike a credit or charge card, where you get an interest-free period before you have to settle the bill, the funds spent on a debit card are withdrawn immediately from your current account. Unless you’ve arranged an overdraft, if you don’t have the cash in the account, you can’t spend it.
An account opened with a clearing bank (few building societies offer current accounts) that provides the ability to draw cash (usually via a debit card) or cheques from the account. Some pay fairly minimal rates of interest if the account is in credit. Most current accounts insist your monthly income (salary or pension) is paid directly in each month and they offer a number of optional services – such as overdrafts and charge cards – which are negotiable but will incur fees.