Accountholders of Lloyds TSB can check their balance via mobile phones

Lloyds TSB has launched a new service in response to a high level of demand from customers for instant balance updates. 'On demand' text message balance updates gives customers information on their latest balance and detail of their last six transactions. The text can be requested at any place and time when they are needed.

Besides, the package is available as part of Lloyds' suite of mobile banking services which enables subscribers to monitor their account balances, transfer funds between accounts and set text alerts for pre-determined 'high' and 'low' balance amounts. The bank says customers using the service are now transferring more than half a million pounds every month.

Additionally, the complete mobile banking package is charged out to users for a fee of £2.50 per month.