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 Forums website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.