Nobody intentionally tries to overdraw their checking account, but in these tough economic times, more and more people are living paycheck to paycheck. To add insult to injury, should you go even a dollar over your balance, you get spanked with a $35 overdraft charge.

In an effort to start moving people towards mobile banking options, Bank of America will be unrolling a new service. If you are about to go over your balance, they will send you a text message to ask if you want them to authorize the charges or not. Should you select yes, they will cover the charge and you have until the end of the business day to deposit money into your account to cover the charge and avoid an overdraft fee.

The service isn’t supposed to be ready and available until 2012, and it isn’t completely clear what happens if you are trying to fill up your gas tank at 9 p.m. and are about to go over your balance. Do you have until the end of the next business day to replenish your account or do you need to deposit some cash in an ATM by midnight?

Those are questions that have several more months before they need to be answered, but are an important caveat.

Regardless, we are absolutely entering the age where our cell phones will be the financial hub of our everyday lives. NFC payment options will be rolling out by the end of this year allowing us to swipe our phones over a terminal to pay for goods and services, and apps already exist allowing you to take a picture of a check and have it deposited into your account.