Customers who bank with Lloyds TSB will be able to check their balance on their mobile phone from today.

The bank’s “balance on demand” service, which it claims is the first such in the UK, is available to all Lloyds TSB banking customers. However, those who do not have a packaged account - which includes extras such as insurance for a monthly charge - will have to pay £2.50 for the service, which forms part of a “mobile banking pack”.

To use the service, customers must text BAL plus the last four digits of their current account to a special phone number. They are then sent a text stating their current balance and last six transactions. The texts are charged at the mobile operator’s normal rates.

The mobile banking service also allows customers to transfer money between accounts and set up text alerts to alert them when their balance has fallen below a certain level.

The cost of the service - £30 a year - has been met with criticism by some in the industry. However, Lloyds insists the service gives customers complete control of their money and helps them keep on top of their finances.

Peter Jackson of Lloyds Banking Group said: “Our customers want more control of their money and they want more information to help them make day to day financial decisions on spending and saving.”

This entry was posted on Monday, June 29th, 2009 at 3:57 pm and is filed under Banking, Budgeting. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.