Comparing Mobile Banking Programs: Bank of America, Wachovia & Washington Mutual

Comparing Mobile Banking Programs: Bank of America, Wachovia & Washington Mutual - The more technology grows, the busier we seem to be. Or wait, is it the other way around? In any case, as our time is squeezed more and more, people are looking for alternatives in every task necessary for day-to-day living. Banking, necessary more than ever, is one such industry that has accommodated the consumer with little or no time to spare with the advent of mobile banking solutions that can be accessed by mobile phone. While it is not entirely new, mobile banking has reached new heights. Bankers are now able to access not only their checking and savings accounts, but also credit card and loan accounts as well from their mobile phone or smart phone. Technologies used in this arena are voice and button prompts, SMS messaging, and mobile web browsers. Through this technology, a user creates a secure account and password and then is able to access almost all information about open accounts and also perform transactions such as transfers. The services of three major banks are reviewed here and the differences among them are many. There is no hard and fast template for mobile banking. Each system uses a proprietary method, menus, and technology unique to the bank itself.

Bank of America offers free mobile services for all of its account holders. According to the Bank of America website, users are able to access checking, savings, credit card, mortgage, loans, and Bill Pay with its mobile service. Transfers and bank location information is also accessible. Personal information is protected through advanced encryption and a user will never be responsible for unauthorized activity.

Wachovia also offers a wide array of services. Accounts can be accessed for free, anytime and anywhere from a supported mobile device. Mobile internet phones allow a user to view and monitor activity, check balances, transfer funds between accounts and search for the nearest ATM location. According to the Wachovia website, internet accessed phones using Windows Mobile 5.0 or Palm OS operating systems will work best. The browser must also feature 128-bit encryption technology. Other features offered by Wachovia include bill payments and the ability to view eBills.

Washington Mutual also offers a mobile solution, however their service is the least featured of the three. WaMu allows a user free mobile access for most accounts and uses a text-messaging system to provide account balances, transaction history, and branch/ATM locator. A user must first be enrolled in online banking to take advantage of the mobile service. Their "advanced authentication and enrollment process" makes sure that only a specific phone has access to the accounts.

While these three banks have been detailed, almost all major banks have some sort of mobile banking service to save you time and let you get back to your busy lifestyle. Contact your bank for further details.