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Article: Absence of Fees Trumping Fears in Online Banking.
- Article from:
- American Banker
- Article date:
- June 3, 2004
- Author:
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Despite some lingering concerns over the security of online banking transactions and the fees that some banks charge for them, more and more U.S. consumers are using e-banking.
According to research by TowerGroup, 29.3 million U.S. households had signed up for online banking services by the end of last year -- representing 30% of all U.S. households -- and 80%-90% of that total were actively banking online.
Further, TowerGroup projects that 42.5 million households, or 37%, will be using online banking by 2007.
The growth trajectory has been remarkable, said George Tubin, a senior analyst at TowerGroup.
His baseline figure was the 2.4 ...