Lloyds TSB first introduced mobile banking in 2008. Customers can manage their finances whilst on the move using a wide range of services that includes;
- Inter account transfers,
- Low and High Balance alerts (when clients current account balances go above or below certain pre specified levels),
- A 'near limit' alert when a customer's balance is within £50 of its account or planned overdraft limit, could help customers avoid unplanned overdraft fees,
- An 'over limit' alert is sent when a customer's balance is over its limit or if a payment can't be made because there is not enough money in the account
The rise in online banking and similar options, such as mobile and telephony, now provides consumers with more options to manage their money than ever before. In response to this demand, the mobile banking service was made available, free for all customers from 3 August.
Customers can also benefit from more specific financial tools that should help them avoid incurring overdraft charges. These include;
- Grace period - If a customer's account goes into a planned or unplanned overdraft they have a grace period until 3.30pm the same day to pay in enough money to cover the payments and avoid any fees,
- £10 Buffer - The introduction of the fee free and interest free £10 buffer in December will help customers who dip into their overdraft by less than £10, avoid charges.
"Our decision to offer free mobile banking to everyone, from August 3 (currently £2.50 per month) should really encourage more customers to embrace the range of tools available, as well as helping them manage their finances more efficiently."