Since the beginning of branch banking in America, the primary role of the neighborhood branch was transaction processing. Come the mid-1980s, this changed as banks and credit unions began pursuing contradictory goals as it relates to the role of branches. It started in the early 1970s, when the first ATMs were installed through the exterior walls so customers could make deposits and get cash without coming inside the branch. The move to keep customers out of the branches accelerated over the next two decades thanks largely to the Internet, online banking, and now mobile banking.
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It has come to the point that every time I encounter another ridiculous media article about the pending demise of free checking I behave like one of Pavlov’s famous dogs. Only in my case, instead of salivating, I write another blog debunking the article.
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In the past couple of weeks I’ve come across news stories about four new banking options that fall outside the traditional banking system. Whether or not these new options will ultimately pose a threat to traditional banks and credit unions has yet to be determined. But they are new ventures that are worth following.
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From my perspective, it’s a terrible name for a checking account.
The big financial news yesterday was Bank of America’s introduction of its newest checking account named eBanking.
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I’m beginning to believe the end is near for the traditional brick and mortar bank and credit union branches. Thanks to the Internet, they’re slowly becoming obsolete.
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When it comes to banking, what’s important to you?
Which newspaper ad would interest you the most?
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