But the most important obstacle may well be that online banks can't readily dispense cash. While they do provide ATM cards, customers have to pay transactional bank fees anytime they use them. In a survey of Internet banks, Gomez Advisors rated Bank of America, Security First Network Bank, Wells Fargo, Salem Five Cents Savings and Bank of Hawaii tops in ease of use, customer confidence, on-site resources to other products and services, relationship building and the cost to use its services. While their data is unstable due to a relatively small sample size, Wells Fargo is currently the most visited banking site, according to RelevantKnowledge. The advent of smart cards will loosen the iron-fisted grip banks have on cash supply.
Smart cards contain chips able to store a host of digital data.
Better yet, with a terminal attached to a PC, consumers can easily and conveniently pay for online transactions. Once banks lose their ATM advantage, the financial picture could change dramatically. Besides, consumers are looking forward to the day they can jettison those nefarious pennies. Given the current economic climate, a mild recession, or at least a slowdown, seems unavoidable. And communities, which depend heavily on ad revenue, seem most vulnerable.