Chase: Transfer Funds by Texting If You Get Mobile Alert

ChaseChase is already sending text messages to 725,000 customers a week alerting them of low checking account balances – but now they can respond with their own text instructing the bank to transfer funds from other accounts.
Chase has rolled out the free mobile phone services to help keep customers from overdrawing their accounts.
Customers can “simply” transfer funds from an eligible checking, savings or money market accounts by replying to the text alert from Chase, the bank said.
Chase gives the following example: To transfer funds, customers should reply by typing the letter “T” – which stands for Transfer – followed by a space and then the dollar amount.
Sample: To transfer $250 = T 250.
If there is more than one eligible account to transfer from, Chase said the text alert will show the customer the balance for two of those accounts and provide the option to choose either “A” or “B” as the “Transfer from” account.
Sample: To transfer $250 from one of those accounts = A 250 or B 250.
Fund transfers via text message can only be made in response to a low-balance text alert, Chase said.
“The new features make it easier for customers to manage their accounts, and avoid making purchases that could overdraw their accounts,” said Charles Scharf, head of Retail Financial Services at Chase. “Customers who liked our balance-alert emails are going to love these.”
The Instant Action Alerts can be used by any Chase checking customer who has a mobile phone with an SMS – or text messaging – service and has signed up for the Chase Mobile offerings.

One thought on “Chase: Transfer Funds by Texting If You Get Mobile Alert

  • May 24, 2010 at 8:16 am

    I am assuming that there is a pin or other security measure involved. Otherwise someone who has stolen you credit card and your phone is transferring money out of your account to cover fraudulent card charges.

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