Bank Accounts: Flexible and Personalized

In recent banking history, most people had two basic bank accounts down the street at the local branch. They would have a checking account for running the household, a savings account for rainy days and retirement. But along with everything else, banking has changed in our Internet era, and people have much greater choice among many different types of financial institutions—and among different kinds of bank accounts. Today, there are actually banks with no offices or buildings whatsoever for their customers. The entire operation is "virtual," meaning it's an online bank. Depositors conduct their business by mail and/or ATM, and can access their funds in various ways—debit or credit card, paper checks, Internet transfers, and so on. Multiple accounts can even be linked together. For instance, if one wishes to safeguard against possible overdrafts in a checking account, a savings account can be linked to it so that funds automatically transfer in when needed. Bank accounts of various kinds carry various kinds of fees, too, but basic checking accounts can be had at no charge at most banks today. One can do quite thorough research on bank accounts from the comfort of home—over the Internet or the phone, or by requesting and reading the institutional literature. The entire account opening process can be handled "virtually," as a matter of fact. And, once open, accounts can be managed without ever going into a bank. An average computer, connected to the Internet and equipped with a browser and an email program, is entirely capable of handling the responsibility. Even without a computer, banking by phone and mail can be quite convenient, as well. Modern technology allows businesses to offer greater flexibility and personalization of their services today, and people have come to expect such features in everything from their movie rentals to their bank accounts. Comments (0) Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Add Comment