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Bank One. Bank of America. Fleet Bank. Key Bank. Washingto

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Bank One. Bank of America. Fleet Bank. Key Bank. Washington Mutual. Wells Fargo. US Bank ... Bank exists solely online except for one branch in Georgia. ... – PowerPoint PPT presentation

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Title: Bank One. Bank of America. Fleet Bank. Key Bank. Washingto


1
Online Banking
  • MBA 620 - Personal Finance
  • September 24, 2002
  • Michael Williams
  • Justin Hinman
  • David Bird

2
Overview
  • Industry Overview
  • Advantages
  • Disadvantages
  • Choosing an Online Bank
  • Questions

3
Industry Overview
  • Percent of population with a personal computer
    who use online banking
  • 2002 -- 32
  • 2001 -- 22
  • 2000 -- 18
  • Reflects natural progression among consumers
  • Profile of Early Adopters
  • Age 18-34
  • Income 75,000
  • Geographic Area West

4
Advantages
  • Convenience
  • Dont have to follow bankers hours (available 24
    hours a day)
  • E-mail Notification for low balance, account
    transfers, checks clearing, etc.
  • Bill Payment Services
  • Operate almost paper-free

5
Advantages (cont)
  • Functionality
  • Instant Account Transfers
  • Downloadable to Quicken and MS Money
  • Bill Payment Services
  • Customizable Reports

6
Advantages (cont)
  • Savings
  • Institution Cost Savings Passed on to Account
    Holder in Higher Rates
  • Email Notification Can Save NSF Charges
  • Bill Payment Services Saves on Postage, Checks,
    etc.

7
Disadvantages
  • Security
  • Identity Theft-
  • Name and social security number
  • 66 of surveyed listed as a major concern
  • Privacy
  • Banks may share personal information
  • Avalanche of solicitation
  • Privacy policies hidden behind legalese
  • 60 of surveyed listed as a major concern

8
Disadvantages (cont)
  • Industry / Technology Uncertainty
  • Industry trends of merging/failing banks
  • One study 5 of 20 banks profiled merged or
    failed
  • Could take hours to set up account if you dont
    have an account with bricks and mortar parent
  • Takes weeks to receive checks and ATM cards

9
Disadvantages (cont)
  • Extra fees
  • Online bill payment
  • Per-check charges after specified limit
  • Inconvenience of no physical branch
  • Mail in deposits
  • Pure online banks do not own ATM machines,
    forcing extra fees to use another banks

10
Choosing an Online Bank
  • Identify own needs and finances
  • Evaluate current bank
  • Evaluate competitors services
  • Demo choice before moving account

11
Overall Ratings
Account Setup
States Available
Minimum Balance
Monthly Fee
Cost for Bill Pay
Site Navigation
Company
Privacy
Content
Comments
Etrade
etrade.com 800-382-2651
Citibank
citibank.com 800-374-9700
NetBank
netbank.com 888-256-6932
JPMorgan Chase
chase.com 800-242-7324
Bank One
bankone.com 800-482-3675
Bank of America
bankofamerica.com 800-933-6262
Fleet Bank
fleet.com 800-225-5353
Key Bank
keybank.com 800-539-2968
Washington Mutual
wamu.com 800-756-8000
Wells Fargo
wellsfargo.com 800-956-4442
US Bank
usbank.com 612-872-2657
12
Questions?
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