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Lloyds TSB offers free mobile banking

By Dominic Welling dominic.welling@consumerchoices.co.uk

Customers of Lloyds TSB will get free access to mobile banking to help them keep tabs on their spending.

Lloyds TSB mobile banking service will be free from 3 August. It currently costs customers £2.50 per month.

With mobile banking Lloyds customers will be able to manage their finances while on the move.

Services offered by the mobile banking application include:

• The ability to transfer money between accounts
• Low and high Balance alerts sent to advise customers when their current account balances go above or below certain levels
• A “near limit” alert when a customer’s balance is within £50 of its account or planned overdraft limit - to help customers avoid unplanned overdraft fees
• An “over limit” alert sent when a customer’s balance is over its limit or if a payment can’t be made because there is not enough money in the account

Furthermore customers will be able to benefit from additional features such as:

• Grace period - If a customer’s account goes into a planned or unplanned overdraft they have a grace period until 3.30pm the same day to pay in enough money to cover the payments and avoid any fees
• £10 buffer - The introduction of the fee free and interest free £10 buffer in December will help customers who dip into their overdraft by less than £10, avoid charges

Jatin Patel, personal current accounts director, Lloyds TSB said: “We are keen to provide our customers with a variety of tools, enabling them to take more control of their finances.

“Mobile banking provides the perfect way for people to manage their money on the move.”

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