BofA Rolls Out Mobile Check Deposits

BofA is unveiling a suite of new mobile banking features including mobile check deposit, P2P transfers via email and mobile, and mobile management of account alerts.

BofA has launched a new series of enhancements to its mobile banking service, including mobile check deposit, person-to-person email and mobile transfers, and Mobile App Alerts. With these new features, BofA says customers now have the ability to completely manage their finances through their mobile device.

“Our customers are living in a more connected world and that extends to their financial lives,” said Aditya Bhasin, an executive in BofA’s Online/Mobile Consumer Marketing division. “This ‘always-on’ environment calls for more convenience, control and flexibility. Our new capabilities deliver the full bank in our customers’ hands.”

Mobile Check Deposits

BofA’s mobile check deposit function allows customers to deposit checks easily and securely without making a trip to the ATM or banking center. Once customers download an updated version of the mobile app onto their tablet or smartphone, they can use the app to snap photos of the check and follow a few simple on-screen instructions to complete their deposit.

Mobile Check Deposit is currently available on iPad but will be available soon on iPhone, Google Android smartphone or tablet and Windows Phone.

The Bank of America mobile check deposit feature does have some deposit limits, depending on the consumer’s time with the bank, and the account type. Here’s a breakdown:

  • Customers with account open for fewer than 90 days: $1,000 per month
  • Customers with accounts open for more than 90 days: $5,000 per month
  • Platinum Privilege customers: $10,000 per month
  • Small business customers (after three months): $15,000 per month

Person-to-Person Transfers Through Email and Mobile

Person-to-person email and mobile transfers allow customers to easily arrange payments between friends, family, co-workers, etc., via BofA’s mobile banking interface, or through any smartphone using nothing more than an e-mail address or mobile phone number. (Commonwealth Bank in Australia has a service that’s almost identical.)

BofA consumer customers only complete a one-time enrollment in their online account. Then using online banking or the mobile banking app, customers can send funds to persons with a U.S.-based bank account from their BofA checking account or savings account without a fee.

The new P2p/mobile transfer feature is an enhancement to BofA’s existing online banking P2P payments service. The new mobile and email options are powered by clearXchange, an open payment processing network owned collectively by BofA, Chase and Wells Fargo. It is currently available in the mobile app on iPad, iPhone, Google Android smartphone or tablet, Kindle Fire and Windows Phone or via mobile browser in select states and nationwide by mid-August.

Mobile Management of Account Alerts

In addition to paying people and depositing checks on the go, BofA has updated its mobile application so that customers can manage account alerts via their mobile device. Through the added Mobile App Alerts feature, customers can elect to receive push notifications of these alerts on their mobile device, another convenient option to stay informed about their accounts. BofA offers more than 50 alerts, including alerts for low balances, online card usage and irregular card activity. It is currently available only for iPad, and will be available in the coming weeks on the iPhone, Google Android smartphone or tablet and Windows Phone.

BofA currently offers customized, downloadable applications for the most popular mobile platforms, including iPhone, iPad, Google Android, BlackBerry, Windows Phone, Google Android Tablet and Kindle Fire.

In addition, Merrill Edge gives its customers access to downloadable apps for iPhone/iPod Touch, Google Android and BlackBerry mobile devices. These apps give Merrill Edge customers “anywhere/anytime” access to their investment accounts and current market activity.

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