Lloyds TSB launches ‘Balance on Demand’ service

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Lloyds TSB has become the first bank in the UK to launch ‘on demand’ text message balance updates for its customers.

The new ‘Balance on Demand’ service means that customers can request an up to the minute snapshot of their account, straight to their mobile phone, simply by sending a text message – there is no charge for the service other than the standard network charge.

Balance on Demand bolsters Lloyds TSB’s existing range of mobile services, through which customers can monitor and manage their money on a mobile phone. It provides customers with their latest balance, as well as detail of their last six transactions.

The new service is available to all customers. The alerts can be individually set, to help customers manage their accounts, based on their own needs. They include ‘High Balance’ and ‘Low Balance’ alerts which let customers know when their account balances reach, exceed, or fall below certain levels. Customers can then instantly transfer money between a savings account or current account using their mobile phone.

‘The aim is simple. To make it as easy as possible for customers to view their balance, keep on top of their finances day to day, and transfer money when they need to,’ says Peter Jackson, MD, consumer banking, Lloyds Banking Group.