Online Banking Keeps Customers on Hook for Fees [telecom]

Online Banking Keeps Customers on Hook for Fees
By NELSON D. SCHWARTZ
October 15, 2011
Customers frustrated by banks' controversial new fees are finding out
what industry insiders have known for years: it is not so easy to
disentangle your life from your bank.
The Internet banking services that have been sold to customers as
conveniences, like online bill paying, serve as powerful tethers
that keep them from jumping to another institution.
Tedd Speck, a 49-year-old market researcher in Kent, Conn., was
furious about Bank of America's planned $5 monthly fee for debit card
use.
But he is staying put after being overwhelmed by the inconvenience of
moving dozens of online bill paying arrangements to another bank.
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Reply to
Monty Solomon
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For that very reason the government in Australia next year is forcing the banks here to make such a thing much easier for customers:
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Reply to
David Clayton
the UK has had rules about making migration of current accounts easy for years, but tighter regulation is also coming.
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Reply to
Stephen

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