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The wide availability of automated teller machines, Web banking and electronic payroll deposits has made banks an almost abstract concept.
While there is no question that Web banking can often mean lower fees and higher interest rates, it can also be ragged around the edges.
Company executives acknowledged the Web banking service had some early problems, but said they had instituted procedures intended to prohibit fraudulent practices.
There were delays of 4 to 5 seconds in switching between accounts, but in many ways it was simpler and easier to master than online Web banking on a PC.
It also offers car insurance and web banking.
San Francisco-based Wells Fargo, considered an industry pioneer since launching its web banking in 1995, has come around to the idea of providing nonproprietary goods and services.
Similar(51)
Some investors have expressed worries about security at Web banks.
The biggest Web bank, Etrade's Telebank, has only 130,000 accounts.
Chairman and CEO, Juniper Financial (Web bank startup), ex-chairman and CEO for First USA.
After spending a reported $150 million, Bank One's fledgling Web bank, WingspanBank.com, didn't exactly take off.
After all, web banks have very few customers and miniscule assets; yet many are valued much higher than respectable, profitable brick and mortar banks.
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