SMS banking widget in Australia

[img_assist|nid=7592|title=|desc=|link=none|align=left|width=100|height=67]New text banking service was introduced in Australia by NAB. The service known as SMS Banking enables mobile phone holders to text a number to request and receive account balances, mini statements, and transfer funds between linked NAB accounts

Registering for the service users give their accounts nicknames known only to them. Every time they request account balances or transfer money they enter these nicknames in the SMS. "Obviously there is an onus on the user to clear out their sent messages" for security purposes says NAB spokesperson.

On receiving the message, the NAB system accepts the nicknames and does the necessary transfers.

The reply is generated and sent within 10 seconds after the initial SMS comes. Then within 10 seconds after a user confirms that the transfer amount and account is correct, the bank is processing any fund transfer needed.

The service is available in Australia and also abroad. Abroad users will be provided SMS Banking via roaming.

Banking via SMS is to be free till November 1st, 2008. SMS costs are paid separately. After November 1st the services become paid: an account balance enquiry will cost AU$0.25, a mini-statement - AU$0.25, and a funds transfer - AU$0.40.