This new service is a natural extension for BofA and their approach is good.  They are levering Sitekey (PassMark) to validate their customers, and let customers validate BofA.

Subscribers to the free service will be able to use their cell phones and smartphones when they’re on-the-go to check account balances, pay bills and transfer money. The bank is launching the service in Tennessee beginning in March and will roll mobile banking out to markets across the country through mid-year.

Source: Finextra: Bank of America to introduce m-banking

This service is in addition to other cross channel services already in place.

In addition, they can receive a variety of e-alerts via e-mail or as a text message on their mobile phone that helps them detect possible fraud and keep track of their accounts.