The number of things you can do on the Internet has exploded during the past decade and the number of online banking options is no exception.

Wednesday, March 06, 2002

The number of things you can do on the Internet has exploded during the past decade and the number of online banking options is no exception.

Todd Thompson, president of the Wells Fargo Austin branch says "you can do anything banking-related online except get cash."

"You can apply for loans, buy and sell stocks, pay bills, do payroll if you’re a business owner, look at your checking account balance to see what checks have cleared and what haven’t, review your credit card balance, get a Certificate of Deposit," he says, listing only a few of the things bank customers can do online. "The only thing you can’t do is get cash. You still have to come to the store or go to an automatic teller machine for that."

Though many people are astounded by these "new" advances in technology, Thompson says the concept of online banking isn’t a new one for Wells Fargo. "In the 1990s, we were one of the first, if not the first, to start online banking and we’ve proven over the years that this is safe and secure," Thompson says. "I’ve never heard of any issues with security."

According to Thompson, customers like the option of online banking because "of the convenience, the ability to monitor your accounts and transfer money between your accounts and for the ability to pay bills online. You direct when you want the payments to go out and to whom you want them to go and we pay it electronically or by printing out a check."

The number of people who do banking online has soared in the past year and Thompson says Wells Fargo "had 2 million people actively doing online banking last fall, and we were adding 10,000 a week, so it must be nearly 2.5 million people by now."

As a result, Thompson says the Austin branch of Wells Fargo has had a "decrease in the number of calls from people wanting to know what their balance is and what checks have cleared."

"The Internet is open 24-hours a day, so if you can’t sleep, you can check your account balances, pay your bills, transfer money … almost anything you could want to do," Thompson says.

However, he highly doubts online banking will ever replace tangible banks. "I don’t think it will ever make banks obsolete, but as people are writing fewer and fewer checks, we’re finding online banking continues to become more prominent," he says.

Ted Hinrichs of Austin, says though he does look at his checking account balance online, he’ll continue to visit the bank because "I like the personal bankers, I like to have face to face contact with a real person."

"It’s handy because I can check my balance any time, day or night, but I just like to use it to keep track of my personal business," he says. "It’s been a really nice service provided by our local bank."

"It truly is amazing how many people use it. As Internet connections get faster and faster, we’re sure more and more people will use it," Thompson says. "We’re continuing to upgrade our website to make it more user-friendly."

According to Thompson, customers like the option of online banking because "of the convenience, the ability to monitor your accounts and transfer money between your accounts and for the ability to pay bills online. You direct when you want the payments to go out and to whom you want them to go and we pay it electronically or by printing out a check."

The number of people who do banking online has soared in the past year and Thompson says Wells Fargo "had 2 million people actively doing online banking last fall, and we were adding 10,000 a week, so it must be nearly 2.5 million people by now."

As a result, Thompson says the Austin branch of Wells Fargo has had a "decrease in the number of calls from people wanting to know what their balance is and what checks have cleared."

"The Internet is open 24-hours a day, so if you can’t sleep, you can check your account balances, pay your bills, transfer money … almost anything you could want to do," Thompson says.

However, he highly doubts online banking will ever replace tangible banks. "I don’t think it will ever make banks obsolete, but as people are writing fewer and fewer checks, we’re finding online banking continues to become more prominent," he says.

Ted Hinrichs of Austin, says though he does look at his checking account balance online, he’ll continue to visit the bank because "I like the personal bankers, I like to have face to face contact with a real person."

"It’s handy because I can check my balance any time, day or night, but I just like to use it to keep track of my personal business," he says. "It’s been a really nice service provided by our local bank."

"It truly is amazing how many people use it. As Internet connections get faster and faster, we’re sure more and more people will use it," Thompson says. "We’re continuing to upgrade our website to make it more user-friendly."

Call Amanda L. Rohde at 434-2214 or e-mail her at amanda.rohde@austindailyherald.com