Transaction feature of mobile banking service with Lloyds TSB

An extra function was added into mobile banking in the UK by Lloyds TSB. By the moment several banks including Lloyds TSB, RBS and HSBC have already introduced mobile phone banking services without transaction capabilities. Customers can view their balances, receive text-alerts and top-up their mobile phones. As for the new initiative by Lloyds TSB starting from October this year the bank will be offering its customers to move money between their own accounts using their mobile phones thus becoming the first to allow such operations.

With the changes introduced into the mobile banking service customers will be able to respond to text alerts including those telling them that they are over or near their overdraft limit. Accountholders can choose to move money to or from the relevant account without having to call the bank or go on the internet.

The use of the Mobile Banking Pack will be free for students and Lloyds TSB Premier and Private banking customers. Other customers will be charged £2.50 a month.