NEW YORK (BankingMyWay) -- For some pretty stodgy companies -- often seen as being out of step with younger Americans -- the big banks are laboring to show how cool they are when it comes to mobile services. The Wall Street financial war chests are stockpiling press releases about new mobile offerings in a race not unlike the way in which the White House and Kremlin once stockpiled nuclear warheads to prove supremacy.
And why shouldn't they be in a mobile arms race?
A major 2012 study from the Federal Reserve shows that 87% of the U.S. population owns a mobile phone. What's more, 44% of those devices are smart phones -- defined as "Internet-enabled." And 21% of smart phone users have used mobile banking in the past year.
Cue Bank of America (BAC).It's taking a major step in making its mobile banking services more convenient to customers, with a new service that offers mobile check deposit. The bank rolled out the new feature in July and the staggered launch has continued in August, for the following devices (with dates):
Why do banks take so long to credit deposits?
SM$: Sending cash through texts
Banks arms themselves for mobile war. By Brian O'Connell Follow TheStreet on Twitter and become a fan on Facebook.
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