Keith Horniman introduced David Smith. David grew up in Virginia and moved to Dallas in 1994. He has survived 9 different bank mergers. Texas Community Bank, which became part of Frost bank, has been a member of the DEA for 15 years and David has been their only representative. David and Frost Bank provide fabulous customer service. Keith considers them the Sewell of banking!
David primarily loans money and takes deposits. However, today he told us about the Frost Send Money App. Before this, the only way to get money to someone else was to do a wire transfer or send a check. The Frost Send Money App is a person-to-person smart phone application which allows anyone with a personal U.S. bank account and the smart phone app to send (or receive) money to (or from) someone else with a personal U.S. bank account and the smart phone app. There is a daily limit of sending $2,000 per contact method, but you can receive an unlimited amount.
Chase, Wells, and Citi set up bank-to-bank servers to allow information to be shared and money to be sent. For example, a group is out to dinner and you want to split the bill. Everyone can pull out their phones and send money to the one who paid the bill. The recipient gets notified to accept the money. The money is usually available the next day. They claim there is no way to hack into it. It is simple, secure and free!
You cannot send money internationally, yet. The commercial version is coming; it is the next step.