Internet Banking More Popular As Fees Fall

from the well,-duh... dept

If you use online banking, it’s not hard to realize why it’s catching on so quickly. While some banks had avoided the concept for a while back in the late 90’s now they’re realizing that it’s a “must-have”. They’ve also discovered (surprise, suprise) that once customers are hooked into their online banking and online bill-pay systems, they’re much more loyal since the switching costs now become much higher. At the same time, though, banks are realizing they simply can’t charge for online banking. Of course, banks love to figure out ways to charge for anything and everything at the same time – but competitive pressures have forced them to offer online banking for free.

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