Geezeo Offers Consumers First-Ever Text-Message Access to All Financial Accounts

Geezeo:

FRAMINGHAM, Mass. (BusinessWire EON) May 21, 2007 -- Geezeo:

Our research makes it very clear that those who can provide free access to financial account information will find a very eager audience of adopters. With a text messaging-based solution, Geezeo is in a strong position to succeed.

Release Highlights

• Geezeo offers text/SMS access to checking, savings and credit card accounts
• Works with any text-enabled mobile phone with no software required
• Offers instant access to over 6,000 banks and credit card companies
• Mobile banking poised for explosive growth, according to Compete Inc. (www.competeinc.com)

In a bid to once and for all eliminate overdraft fees, declined credit cards, late payment penalties and lower credit ratings, Geezeo (www.geezeo.com), today introduced Geezeo Mobile, a free service that gives consumers text-message access to all of their checking, savings and credit card accounts.

“Eighty percent of all consumers have a debit card linked to a checking or savings account, but very few actually balance checkbooks or account for debit card spending. As a result, they will pay an estimated $53 billion in overdraft fees to their financial institutions,” said Peter Glyman, co-founder of Geezeo. “Geezeo Mobile aims to make those fees – and many others – a thing of the past.”

Geezeo Mobile gives consumers real-time access to their account information from any of thousands of banks and card companies whenever and wherever they want it.

Today, approximately 78 million consumers are active users of text messaging, with a majority of those in the 18 to 35 age range. According to Ryan Burke, director of the telecommunications and media practice at research firm Compete Inc., two-way mobile banking is poised for explosive growth.

“Mobile banking is a new space, but 30% are likely or very likely to try banking features on their wireless device and another 33% said they’d be open to it.” said Burke. “Our research makes it very clear that those who can provide free access to financial account information will find a very eager audience of adopters. With a text messaging-based solution, Geezeo is in a strong position to succeed.”

Getting started with Geezeo Mobile takes just two or three minutes. Users can quickly set up an account at www.geezeo.com, select the bank and credit card accounts they want to track and then submit their mobile phone number.

After registration, whenever users want to check balances or available credit, they simply send a text message to Geezeo requesting specific information, such as account balances, payment dates or available credit. In a matter of seconds, Geezeo Mobile sends back a text message with the requested information.

"Until Geezeo Mobile, getting account information required finding an ATM, making a call or logging in to a website," said Geezeo co-founder Shawn Ward. "With so many cell phone owners already using text messaging, it seems quite clear that this makes too much sense not be widely accepted.”

Technorati tags: personal finance, mobile banking, Geezeo, credit cards, web2.0

About Geezeo

Geezeo (www.geezeo.com) was founded in May 2006 to provide free Web 2.0 tools and social networking to help individual consumers, predominately those between the ages 18 to 35, better manage their finances. In addition to Geezeo Mobile, the company expects to introduce in the coming months many more free, easy to use, web-based personal finance tools and services. Geezeo is privately funded and based in Framingham, Mass.