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Avoid overdraft fees with free mobile-phone service

August 20th, 2008, 11:20 am · 1 Comment · posted by Tamara Chuang, a.k.a. The Gadgetress

Intuit’s Quicken Beam money-checking toolFinally, something free from Intuit, the Mountain View software company that takes my money every tax season.

Intuit launched Quicken Beam, a text-messaging service to help people keep track of how much money is left in the bank. The company is pitching this to people who tend to get overdrawn. With overdraft fees upwards of $20, this free little tool could really help avoid overspending (though text-messaging fees apply).

It works on any cell phone or mobile device (iPhones too) because it relies on text messaging. After you register various bank and credit card accounts (yup, you do have to hand over this private information), you dial 636363 to get your checking-account balance and then type in “BAL” or other abbreviation. That’s it! No data entry, no log-in screen, no web browser needed. More details on how to use the service HERE.

You can also set up alerts in case the balance drops below a certain point or credit-card spending gets out of whack.

Of course, this is not totally new. Bank of America offers a mobile service to check balances,  but you’ll need a phone with a web browser.  Wells Fargo has a text service. AT&T offers a banking service free to its customers. I’m sure there are others. The Quicken Beam service is just one option that is free, text-based and not limited to one financial institution.

While researching the service, I also discovered Intuit Labs, which is the company’s test ground for new products and services. It’s a personable site with links to actual people. Quicken Beam was developed by Kristen Berman, who apparently can’t get enough of her cell phone. But other apps available include View My Paycheck, QuickBooks for the iPhone and QuickBooks Jingle Generator. Now, how about a service that will help me pay less taxes?

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Posted in: Cell phones • news • • • • • • • • • •
 
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 One Comment

  • Scott says:
    August 20, 2008 at 1:25 pm

    Hi Gadgetress…thanks for our comments on Quicken Beam.

    Also…we’re glad you like to use our tax products as well. But I will remind you that we have a free option there too. Last year we introduced TurboTax Free Edition for folks with a simple, straight-forward return. Perhaps it suits your needs. Check it out at the end of the year.

    Back to Quicken Beam…As you point out, SMS text of balances, etc. isn’t new but what Quicken Beam does is.

    You may be able to get balances from your Bank of America or Wells account, but only that account. What Beam is so great for is actually having balances from all of your accounts - checking, savings, credit cards - in one place. So if you have three difference accounts at three different banks (like I do!), you can access them ALL with Quicken Beam. The BIG banks don’t do that for you.

    We hope everyone comes to http://www.intuitlabs.com and tries out the cool stuff there. We want to hear from folks.