Despite high costs and warnings from consumer groups, the market for payday loans and other convenience-based financial services continues to grow. Fasten your seatbelt The Internet evolution continues as Ninth District banks flock to the Web to offer their customers more sophisticated online services. Results indicate that more banks offer their customers e-mail contacts and more transaction services than a year ago. Table Nearly all district bank Web sites include an e-mail address, compared with 81 percent of sites reviewed in 1999. Over one in four bank Web sites offer online transaction services, including bill payments, account transfers and account balance inquiries, compared with about one in 20 in last year's review.
Some Web sites allow customers to purchase savings bonds and reorder checks.
In addition, many banks offer loan calculators and Web links to real estate agents, insurance agents and brokerage services. Privacy and security are major concerns for bank customers and banks. Cookies allow a bank to send a file from its Web site to the customer's computer that then provides the bank with user information. To calm users' fears on how personal information might be used, about half of the Web sites prominently display a privacy policy. Each bank Web site was accessed using Netscape Navigator 4.0 software.