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Online Banks Losing Their Shine, Consumers Shun Them In Searches

Tuesday, April 30, 2013 - 6:20 AM
From The Financial Brand
Since October 2011, more and more bank shoppers are choosing to exclude online banks from the range of financial institutions they are willing to consider. The steady decline of consumers willing to consider online banks suggests that consumers don’t believe today’s online banks offer enough advantages to make it worth surrendering the physical attributes they expect with a checking account.

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Do you use a local checking account more than an online checking account?
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Tuesday, April 30, 2013 - 8:34 AM
Yes Ken, I've been using a small locally-owned bank, Bauer 5-star rated, for my primary checking account for years. My first home mortgage was through this bank, I maintain a safe deposit box with them, have my pension and Social Security direct deposited into this account and all my local utility, phone and cable bills are automatically drafted from this account. The account is totally free, including checks. Incoming ACH fund transfers are immediately available and they count the money in my coin jars for free. This bank does however charge a fee for ATM withdrawls, using their card, at machines not at either one of their three local branches. Thus, when out of town I will use a no-fee ATM card or get cash back at a grocery store when making a purchase.  One of the bank's branches is only a five minute drive from my home so convenience is a factor. When in an energetic mood I've even walked there on several occasions.
ShorebreakShorebreak2,696 posts since
Apr 6, 2010
Rep Points: 14,620