Consumers Embrace Electronic Banking

Banking online has become more and more acceptable these days. Consumers are increasingly using electronic banking to make payments and manage their personal finances. online savings account rates and CD rates are often better than rates that can be found at traditional brick and mortar branches.

Reward checking account rates can be as high as 4.00 percent these days for balances up to a certain dollar amount, you also have to do a certain number of checking account transactions each month to qualify for the rewards checking rate.

A Federal Reserve payments study showed a sift away from paper based transactions like check and cash to electronic payments like debit card purchases. Automatic deposits have also increased over the past several years. The number of debit card purchases increased from 15.6 billion in 2003 to 25.3 billion in 2006.

The number of ATM machines has now surpassed the number of bank branches according to the Federal Deposit Insurance Corporation (FDIC), due in part to bank mergers and the growing popularity of ATMs.

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