Virtual banks get real, offer deals to woo customers

Article Abstract:

Internet-only banking firms are slowly emerging into institutions that are similar to traditional banks. The need to get cash and make deposits has resulted in online banks buying their own automated teller machines (ATMs) and office networks as well as offering such deals as ATM surcharge rebates and 10% interests on checking accounts. The trend is expected to make differentiating between conventional banks and virtual banks a lot harder.

Marketing procedures

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Protect customers' privacy, banks told

Article Abstract:

Banks are being urged to protect the privacy of their customers or may be forced to do so when the public clamors for such regulations, according to Acting Comptroller of the Currency Julie Williams, who spoke to about 250 members of the Consumer Bankers Association in Florida. Williams said that some banks are not complying with the Fair Credit Reporting Act's requirement to inform their customers that they have the right to tell the banks not to disclose personal information with affiliates. Bank customers have expressed concern with the privacy issue with the increasing consolidation of banks, brokerages and insurance companies.

Comment:

Banks are urged to protect the privacy of their customers or may be forced to do so when the public clamors for such regulations

Commercial Banks, Commercial Banking, Public affairs

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Electronic bills can make paying less painful

Article Abstract:

Electronic billing is increasingly becoming popular among consumers as it offers more convenience and less cost. Billing through the Internet allows companies to save up to 60% in billing costs, while consumers eliminate the need to compile bills in paper files and can avail of cost savings offered by some companies to people who pay their bills online. Banks that offer electronic bill payment are hoping that the strong interest from consumers would result in increased support to home banking. However, banks are set to face new competition from new other financial information firms that will offer electronic billing.

Comment:

Electronic billing is increasingly becoming popular among consumers as it offers more convenience & less cost

Market information - general

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