Belmont Savings Bank has launched a new mobile banking product for Android and iPhone smartphones, along with a new texting service allowing customers to access account information and initiate transfers by sending the bank a text message.

To download the mobile app, customers should visit their respective carrier’s app store. Once the application is downloaded, customers may log in with the same user ID and password used for online banking. With the new app, customers will be able to pay bills, transfer funds, check their account balances and check transaction histories, according to a statement.

Text banking allows customers to access certain account information and make a limited number of transactions, including transfers. Customers simply text commands, including "BAL" for account balance or "TRANS" to transfer among accounts. The service also allows customers to locate the nearest Belmont Savings Bank branch or ATM through text banking. Belmont Savings Bank said it will not charge customers, but standard carrier fees for text messaging may apply.

"Many people are coming to us from the big banks and mobile banking is yet another demonstration that our technology is not a step down from what they had," said Belmont Savings President and CEO Bob Mahoney. "Customers are moving to Belmont Savings because we have the same or better products as the big banks, but still maintain a focus on friendly, customer service and strong community involvement. It’s a winning combination."