Quote:
Originally posted by tw
All Internet transactions have been developed / conducted without the cooperation of the banking (financial) community. They don't stifle it but make no effort to become part of or promote it either.
In the mid 1990s, banks praised a new technology that had sharply reduced costs. Something banks considered revolutionary. A technology that was already 20 years old in most other industries. Banks discovered networking - although still most bank employees (except upper management) cannot even send or receive e-mail today.
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I second that, having worked for a bank from 1997-99. Towards the end of my time there, the bank I worked for started "limiting" their services a la Bank of America. As I'm sure most of you know now, you usually have to pay a service charge to visit a teller at most banks now, unless you have a substantial bank balance. (I pay $8 a month if I do so with First Union.) With my bank, they discouraged giving extensive service to "lower-grade customers" (e.g. college kids with a small checking account or people who really only had a bank account to write bills or cash checks). I found this ironic, given that my former employer markets itself extensively to college kids and people looking for "free" checking.
Banks today are looking to save money more than anything. They want you to use ATMs for everything. They want you to call their customer service lines for any type of assistance. Why? So they can reduce their in-house staffs and the number of branches. Yet with all the mergers in recent years, the number of branches that each bank has has risen, if only temporarily. (There are 6 First Union branches within a 10-minute drive of my apartment, including one two blocks away.)
Given that I worked as a teller for 2 years, I have no problem staying out of the branches. However, given the rise in our older population, there are some people that really do have a hard time understanding ATMs. If you're going to move people to the trough, at least show them how to feed themselves.