Bank of America to trial free money transfers using phone numbers, email addresses

Bank of America has begun inviting a select number of customers to trial a new way of transferring money by providing a new service that will allow free money transfers to be initiated using just a phone number or an email address.

The pilot  is part of a new venture by Bank of America, JPMorgan Chase and Wells Fargo that was announced in May, helping remove the need to remember account information and providing customers with a new way to transfer or receive money whilst helping to shape the service before it is rolled out to the majority of the bank’s customers.

The venture, called clearXchange, ties into a customer’s bank account, meaning they won’t have to set up a new account and provide personal information, like rival service PayPal. This will also allow customers t check their balance before they transfer any money.

Bank of America has waived transfer fees for payments to those participating in the trial, allowing customers to transfer money to Wells Fargo accounts free of charge initially, with our source indicating that payments to and from Chase accounts will be waived soon.

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The bank is also said to be readying its own NFC-based payment system, allowing customers to “tap-and-pay” using their mobile phones. With trials for both services in effect, Bank of America is hoping to provide the very latest innnovations to its customers.

H/T Dustin Curtis for the tip.