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Are Direct Banks The Future?

Saturday, March 16, 2013 - 7:00 AM
In the battle of the banks, branch-less institutions appear to be winning. According to an analysis of 2012 banking data, direct banks -- also known as online banks -- are the only type of bank that gained market share last year.

Online Banks Gaining in Popularity
5
ShorebreakShorebreak2,622 posts since
Apr 6, 2010
Rep Points: 14,216
1. Saturday, March 16, 2013 - 9:22 AM
I don't understand how the article can claim USAA as one of the big direct banks offering rates well above the norm as traditional banks. While there aren't many branches you can bet around communities supporting most big military installations you will find them but without the traditional teller behind the glass. Still, their savings and cd rates are sub-par and have been so for some time.
1
klinkklink98 posts since
Dec 8, 2012
Rep Points: 265
2. Saturday, March 16, 2013 - 12:26 PM
Re: klink @ 1. Saturday, March 16, 2013 - 9:22 AM

1. Not one to opine regarding USAA Bank one way or the other, but I can only find one banking branch listed for them and that's in San Antonio, Texas.

2. I have to agree that USAA Bank deposit rates are not very competitive.
2
ShorebreakShorebreak2,622 posts since
Apr 6, 2010
Rep Points: 14,216
3. Saturday, March 16, 2013 - 2:27 PM
Yes I probably chose the wrong words in my reply. Full service banking branch San Antonio, TX. Places without the traditional full service (teller) can be found with 2 pretty new ones near me. USAA calls them financial service centers. Google USAA Financial Service centers and you will find even more opening up.
1
klinkklink98 posts since
Dec 8, 2012
Rep Points: 265
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