What is Text Banking? 6 Amazing Benefit of Text Banking

In this article we can understand What is Text Banking? What is the text banking meaning? and 6 amazing benefit of text banking. Text banking is very famous nowadays. Most people prefer text banking instead of answering the phone or listening to information on the phone, reading as much information as you want and adding to your knowledge accordingly.

Banks are using text banking to provide information to customers by sending SMS to thousands of people or more. The bank spends a lot of time in informing the people by phone and most of the customers are not keen to talk to the bank employees on the phone but text banking also makes it easier for the banks to convey the information to the customer and the customer can read the bank’s SMS on time.

What is Text Banking?

Text banking is a service provided by the bank to its customers, in which the bank sends a direct message to the account holder if bank wants to provide any information to the account holder.

The bank provides various types of information to the account holder ex. Withdrawals or payments from ATMs, loan installment approaching dates, deposit installment payments, or installment arrears, ATM card alerts, warnings to account holders about various types of false news, new bank schemes, etc. Banks use text banking to provide information to the account holder.

 Text banking delivers information to customers in a matter of seconds.

Almost all banks ask the customer to use specific commands to convey specific information to the customer. Ex. If you send an SMS like ‘B’ to a specific number given by the bank, you will know what the balance of the account is or if you want a statement, if you send an SMS like ‘S’, you will receive your account statement etc.

It is also easy to activate text banking services. You have to go to the bank and fill up a text banking activation form, on which the name of the account holder, account number, mobile number and signature of the account holder etc. Information has to be provided to the bank then the customer can avail this service.

Some banks do not charge high fees for text banking services or some banks provide this facility to customers for free.

If the transactions of a bank are easier or more convenient ,then the more customers attracts to that bank , so the bank that provides text banking services have chances for growth.

The account holder can get his account information by using Text Banking service from home, out of town, or in the office, without having to go to the bank.

With a few simple commands, you can quickly see the balance in your account. Wells Fargo also includes the facility to send money from your account to another place. It does not always require signing in, this facility is as secure as other services.