That’s handy, but frightening, too. The Federal Deposit Insurance Corp. is warning bank customers to make sure their accounts are password protected and that no sensitive data get stored on the cell phone. Ask your bank if it offers any further safeguards.
And consider the cost. Most banks offer the service free of charge, but some require specialized software or equipment, and you could still eat up a lot of cell-phone minutes “talking” to your checking account. Finally, be careful about setting up any speed-dial or password-storage keys. It’s bad enough when you get carried away sending those wacky party pics to your friends; you don’t want to send them your cash, too.
—Linda Stern
