Friday, August 03, 2007

Think about online banking

Online banking can be a good option for anyone Internet-friendly. You get higher rates, lower fees, and the downsides are disappearing. Yet most people don't switch because they can't imagine not having a branch. But I ask, what have you done in the last year in a branch that you couldn't do online? And their customer service is better via email!

The article proposed one reason - inertia:
Once you're a customer of an old-fashioned bank, there's a likelihood you'll stay with it for a while (direct deposit and automatic-payment plans only strengthen the bond). The sheer hassle of switching accounts to a new institution is enough of a barrier that most people stick with what they've got.

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