Instead of returning paper checks, customers may end up with a descriptive statement. People will click and choose their options, including checking and shifting balances between accounts. Fleet's Wolfson agrees that Internet banking is cheaper in the long term, but said there's a tremendous upfront cost in equipment and infrastructure. What makes it worthwhile is that, as with ATMs, it's not just a matter of switching existing transactions. With the spread of ATMs, the amount of transactions grew exponentially, he said.
Internet banking has the same appeal.
It's also attracting new customers. Despite that, Wolfson doesn't expect Fleet to cast its net for new customers quite as far as Baxter's eOneBanc. The former president and chief executive officer of CFX Corp. of Keene is looking at national marketing for his Internet bank, which will be primarily an online entity. Despite the convenience of online banking, and the extensive services Fleet offers there, Wolfson doesn't envision seeking customers far from its brick and mortar bank offices. Fleet has a physical presence in New England, New York, New Jersey, and Florida.