Bank-by-phone service launched
service, part of the financial institution's electronic banking strategy.The move allows customers to make many transactions they previously went to their local branch or nearest ATM for.Through the 24-hour service, customers can get account balances, make credit card inquires or pay credit card bills, determine their last eight transactions, pay Telco, Belco and Cablevision bills as well as transfer money between accounts.Customers can also use the new service to order drafts, foreign currency, travellers and managers cheques which can be picked up two hours later or the next banking day.Customers can access the new bank-by-phone service any time by touch tone phone.To access the service, customers need their EasyLink and PIN numbers."New services will be added in the coming months, such as expanding the kinds of bills the banks' customers can pay through the telephone banking service,'' the bank said."Telephone banking, like our other EasyLink services, was developed to enable our customers to do their day to day banking at their leisure and to save time doing it,'' Bank of Bermuda general manager, banking, Danny Fox said.The automated system provides prompts, confirms all transactions and has a security feature protecting PIN numbers.If problems arise, customers can dial zero for personal assistance.Banking by phone adds value to the EasyLink card, Bank of Bermuda manager, electronic banking David Lema said.In December 1995, the Bank of Bermuda launched the EasyLink debit card which also acts as the customer's ATM card.There is no new fee associated with the new telephone banking service, Mr.Lema said.EasyLink cards already carry a $20 annual fee but through a cash back programme customers can recoup one percent on local purchases.There are over 17,000 debit cards is use. In 1996, over 434,000 transactions generated over $31 million in total purchases. The cash back programme paid out over $232,000.The Bank of Bermuda currently has 22 EasyLink ATMs across the Island with five more to be introduced this year.The EasyLink card can be used worldwide wherever there is a PLUS symbol.Since the EasyLink card was introduced, over two million transactions have been made through the bank's ATMs.