These banks offer many traditional banking services online, including 24-hour access to savings and checking accounts and wire transfers. They also offer ATM cards, credit cards and direct-deposit services. At the present time, loans are not yet available over the Internet, but that too, will come with time. Other island banks, including Westernbank and FirstBank will soon launch their online services. Banco Popular, Citibank, Banco Santander, and R-G Premier Bank are the four local banks now providing this payment service on the web.
Online banking is cheap, which means customer's benefit from very low fees, or none at all.
If you think this reality makes the traditional banker nervous, you're right. The future of banking, like the future of all economic activity, will depend on cost-effectiveness brought about by technology. Many analysts comment on what is happening to the traditional banking distribution channels with the coming Internet age and the relatively easy access of banking services through personal computers. The number of bank branches in the U.S. was less than 50,000 only 10 years ago. The Puerto Rico experience is parallel.