Customers of three out of the four largest U.S. banks are now able to bank on the go.
JP Morgan Chase, Bank of America and Wells Fargo have launched a new service that allows customers to make bank account transfers with only a cell phone number or e-mail address.
ClearXchange offers customers a way to sidestep all of the hassle of a traditional bank transfer and is part of an effort to deter customers from seeking other options such as prepaid debit cards or Paypal, as reported by the Associated Press.
As opposed to Paypal, anyone who has an existing bank account with one of these three banks can use the clearXchange service without supplying any additional information. The service will be based in Charlotte, N.C., where it will be managed by a Bank of America employee.