Some time ago people could not imagine that they would use wireless handsets to perform banking operations. Today it is something ordinary if you send an SMS message to inquire your account balance at your bank. Mobile banking while not yet available or at least affordable in many countries of the world is wide spread among bank consumers in developed nations. But still many people who have access and can afford m-banking services have rather scarce idea of what it is and how it works. If you are among them, then our current article is right for you.

Mobile banking implies such service that enables performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone. It is most often performed via SMS or the Mobile Internet but can also use special programs called clients downloaded to the mobile device.

Financial institutions offering mobile banking services can provide you with the following:

It is unlikely that one single bank could offer such a wide spectrum of services in one package. A set of available mobile banking options differs dependant on the peculiar institution. We decided to show the sample of how mobile banking works at the largest banking corporation of America and the world. We mean Bank of America.

Bank of America offers its customers options to conduct mobile banking operations both via special applications or through the mobile web browser. Those customers who use iPhone, BlackBerry, Android or Windows Mobile based smartphones are offered to download and install an application peculiar to each of these models. The rest of consumers just use their wap connection and bank through the Internet browser installed to their mobile devices.

Well, let us start our step by step tour that will serve us as an example of how mobile banking usually works with the top financial institutions of US.

• 1. First step is to load the main menu of Bank of America's mobile banking page on your mobile phone screen.

• 2. Second is that you should log into your account using your online ID.

• 3. Then you should confirm your SiteKey®. Safe-SiteKey ® helps keep your account information secure. In order to confirm you should enter your Passcode.

• In order to view your accounts and transactions you need to:

Select Accounts:

See available balances for:

• 1. Checking
• 2. Savings
• 3. Credit cards
• 4. Mortgages
• 5. Lines of Credit

• To view the status of your transactions:
• 1. Select account name
• 2. Select Pending
• 3. Select Cleared
• 4. Select Sign Out

• In order to view all unpaid bills and e-Bills you should:
• 1. Select Pay Bills and e-Bills

In order to make a payment:

• 2. Select Make a Single Payment or Outgoing Payments

If you decide to make a single payment you should:

• 1. Select a Payee:
• 2. Enter amount
• 3. Enter date
• 4. Select Submit

After this you can:

• View/Confirm Payment details
• Select Make Payment
• Receive Confirmation
• Change/Cancel Payment
• Make another Payment
• Select Sign out

• You can make immediate and scheduled transfers anywhere. For this you should:
• 1. Select Transfer Funds
• 2. Select Transfer Type

• 3. Then you need to select Transfer from

• 4. Select Transfer To

• 5. Enter amount
• 6. Select Submit

In the end you can as usual:

• View/confirm transfer details
• Select Make Transfer
• Receive a confirmation number
• Make another Transfer
• Select Sign Out

• In order to get a precise-detailed maps and directions for nearby Banking Center and ATMs you should:
• 1. Select Locations
• 2. Enter location information
• 3. Click Location Type: Banking Center, ATM or Talking ATM
• 4. Select Go

Then the system provides you with such information as:

• ATM/Banking Center addresses
• Distance from starting point to destination and the time required to get there as well as a map

You can select Location Details after which you will be shown:

• The address and the mileage
• Services and Hours

Conclusion

While mobile banking certainly brings us much convenience and allows us to save more time there are numerous disadvantages and even risks in using this service. For instance, like emails, text messages aren't encrypted. So if you sign up for regular account balance checks via text message, your information is being transmitted in a way that makes it vulnerable to interception. Besides, most cell phones don't come standard with anti-virus protection even if they have the capacity to browse the internet. Some phones aren't even compatible with the anti-virus software available and there are known cases in which people were unable to put anti-virus software registered to them on corporate cell phones. And to crown it all, banks don't offer the same level of protection for cell phone banking that they do for online or in person transactions.