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Internet Banking
Raddon Financial Group, a bank research company, has released some interesting findings, based on survey replies from 1,200 nationally represented households.
Overall, 32% of households had access to the Internet. However, only one-fourth of households had heard of any Internet bank. Those that had, named three Internet banks most frequently.
Compubank, which we've reported on earlier, was the first virtual bank to receive an OCC charter and approval from FDIC. It's been around since early 1998. Wingspan started operation in mid-1999. Telebank is by far the largest. It began as Metropolitan Bank for Savings in 1933, and changed its name to Telebank in 1989 when it began offering products via alternative delivery platforms. It is now completely branchless and operates by phone, fax and Web and also has teamed up with an insurance Internet center that provides services to members of 80 insurance companies. The bank is five times larger than the rest of the Internet banks combined with $32 billion in assets.
The study also asked respondents if they were willing to use one of the virtual institutions. 44% of Internet users said yes, with the top choices for use being credit cards (25%), savings (22%), checking account (21%) and auto loans (19 %).
The banks' Web sites are www.compubank.com, www.wingspan.com, and www.telebank.com.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 1, 1/00
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