Many times I think banks are just necessary evils. They are very good at coming up with new fees to charge their customers, but slow to offer new services. In these days of the internet and global commerce, banks should be doing a better job on making it easy to pay bills and transfer money. Some internet-only banks are doing this, but most banks are slowly enhancing their services in these areas when the technology is readily available today.
For example, it should not cost a banking customer to transfer money from one bank account to another person’s bank account without using a check. Banks are already doing this for free when presented with a check. In this day and age, why not do away with the check in making payments? Another area of improvement is with International commerce. It should be easy to make payments and receive payments for both consumers and businesses. This is an area where banks should be stepping in to boost consumers’ and businesses’ confidence in International financial institutions and cut out all the fees associated with International payments.
Digg.com posts, “Things seems to have gotten out of hand when banks are raking in $50 billion a year just from service charges. See how they’re working to turn your money into their money, and what you can do to fight back.”