How Safe Is Cell-Phone Banking?

Forget having to make the trek to your bank branch when it's blistering hot, or freezing cold, or raining, snowing or even just a beautiful day. And you don't even have to be tied to your computer anymore to do online banking. Consider using your cell phone for many of these tasks, but also make sure that your money is safe.

As cell phones become smarter, people as well as businesses are finding more uses for them. Two of the nation's largest banks are in the forefront of offering cellular access to your bank accounts: Bank of America (BAC)and Citibank (C).

More than a year ago, both banks began a nationwide service that allows depositors to do many online tasks on their cell phones, like determining account balances, transferring funds from one account to another, paying bills or finding a nearby ATM.

To get a Citibank cell-phone account, you need to visit a branch or sign up on the Internet. Citibank then sends your phone special software, which should work on hundreds of different handset models.

Bank of America's online service works on nearly every cell phone with a Web browser. That's because its system is based on the universally accepted WAP protocol, which pretty much ensures that all cell phones can understand and handle the information. BofA has even created a special banking applet for Apple iPhones and iPod Touch devices.

(Photo gallery: Smart Phones)