Bank of America announced a new mobile banking service that will allow its customers to check account balances, pay bills and transfer money using their mobile phones. Initially launching in Tennessee in March, the service will be available across the U.S. through mid-year.

The service will be accessible to consumers who have mobile Internet access via Verizon Wireless, Sprint-Nextel, Cingular and T-Mobile. Customers will be able to use a wide array of mobile phones, including Motorola, Nokia and LG handsets or popular smartphones, such as Palm Treo, RIM Blackberry or Motorola Q.

Using the mobile browser on their mobile phone, users will have access to a full range of Online Banking services. They will be able to check account balances for checking, savings and credit card accounts, mortgages and home equity lines held with Bank of America; pay bills; transfer funds between Bank of America accounts; view transaction details for Bank of America checking and savings accounts, mortgages and home equity lines, including posted, pending and scheduled transactions.

Customers accessing Online Banking from their mobile phone are protected with the bank's SiteKey security service, as well as its Zero Liability Online Banking Guarantee. To help protect customer information, the bank has developed a security feature that ensures information remains encrypted when sent between the mobile phone and the bank.

To activate mobile banking, customers need to register through the bank's Online Banking service at Bank of America's website. After registering, users can begin using the Internet browser on the mobile phone to access their accounts, similar to how they use their computer to access Online Banking services. Bank of America customers can already access locations of ATM and banking centers from their mobiles. In addition, they can receive alerts via email or SMS that help them detect possible fraud and keep track of their accounts.