Internet Managing an account.

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Internet Managing an account MBA 620 - Individual Money September 24, 2002 Michael Williams Justin Hinman David Fledgling Outline Industry Review Points of interest Weaknesses Picking an Online Bank Questions Industry Diagram Percent of populace with a PC who use web saving money
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Internet Banking MBA 620 - Personal Finance September 24, 2002 Michael Williams Justin Hinman David Bird

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Overview Industry Overview Advantages Disadvantages Choosing an Online Bank Questions

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Industry Overview Percent of populace with a PC who use web keeping money 2002 - 32% 2001 - 22% 2000 - 18% Reflects normal movement among purchasers Profile of Early Adopters Age: 18-34 Income: $75,000 + Geographic Area: West

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Advantages Convenience Don’t need to take after investors hours (accessible 24 hours a day) E-mail Notification for low adjust, record exchanges, checks clearing, and so forth. Charge Payment Services Operate practically without paper

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

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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, and so on

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Disadvantages Security Identity Theft-Name and government disability number 66% of overviewed recorded as a noteworthy concern Privacy Banks may share individual data “Avalanche of solicitation” Privacy arrangements holed up behind “legalese” 60% of studied recorded as a noteworthy concern

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Disadvantages (cont) Industry/Technology Uncertainty Industry patterns of combining/falling flat banks One study: 5 of 20 banks profiled blended or fizzled Could take hours to set up record on the off chance that you don’t have a record with “bricks and mortar” guardian Takes weeks to get checks and ATM cards

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Disadvantages (cont) Extra expenses Online bill installment Per-check charges after indicated point of confinement Inconvenience of no physical branch Mail in stores Pure online banks don\'t claim ATM machines, compelling additional expenses to utilize another bank’s

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Choosing an Online Bank Identify own needs and funds Evaluate current bank Evaluate contenders administrations Demo decision before moving record

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Bank exists exclusively online aside from one branch in Virginia, yet 10,000 ATMs accessible to clients. Stores must be sent by means of U.S. mail. All $1000 $10.00 None ♦♦♦♦ ♦♦♦ ♦♦♦♦♦ All $1500 $7.50 None ♦♦♦♦ ♦♦♦ ♦♦♦♦ Can send explanations by means of email Bank exists singularly online aside from one branch in Georgia. Stores must be sent by means of U.S. mail or can be made at 18,000 ATMs after record open 120 days. All None ♦♦♦♦ ♦♦♦ ♦♦♦♦ All $3000 $9.50 None ♦♦♦ ♦♦♦♦ Bank obliges purchasers to hold up three to five days before leading exchanges. Quitting advertising sales obliges clients to telephone a sans toll number. All $500 $5.00 $6.45 ♦♦♦♦♦ ♦♦♦♦ ♦♦♦ All $500 $6.00 $5.95 ♦♦♦♦♦ ♦♦♦♦ ♦♦♦ ♦♦♦♦ Bill paying allowed to clients with more than $5,000 on store. All None $3.00 $4.50 ♦♦♦♦ ♦♦♦ ♦♦♦♦ Easy to utilize and explore. Ensures all installments to touch base inside of five business days or bank will pay late expenses and fund charges All None $4.95 ♦♦♦♦ ♦♦♦ All None $5.00 ♦♦♦ ♦♦♦♦ You must print a structure and mail it to abstain from sharing individual data. All None $6.95 ♦♦♦ ♦♦♦♦ One of the most effortless locales to explore Unsatisfactory protection arrangement. Account history is constrained to last 180 exchanges. All None $4.95 ♦♦ ♦♦♦ ♦♦♦♦ ♦♦♦ Overall Ratings Account Setup States Available Minimum Balance Monthly Fee Cost for Bill Pay Site Navigation Company Privacy Content Comments Etrade 800-382-2651 Citibank 800-374-9700 NetBank

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