U.S. bank customers still want local
branches in their towns, even though Internet banking is
flourishing, the Wall Street Journal reported, citing several
such customers.
Ellen Tanowitz, a 33-year-old lawyer from Newton,
Massachusetts, uses an online account with NetBank Inc. of
Atlanta to pay utility and mortgage bills, but retains an account
with her local bank to allow her to withdraw cash and pick up
items such as certified checks, the newspaper said.
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That rationale is behind Bank of America Corp.’s $43 billion
acquisition of FleetBoston Financial Corp. on Monday; Bank of
America is the country’s most heavily-used Internet bank, but
it’s expanding its branch network, and FleetBoston will bring an
extra 1,460 outlets and 3,500 automated teller machines, the
Journal said.
Bloomberg News
