"That's not actually the job of a bank, is it?" (re: money -> vault)
Well, from a customer point of view, it is, more or less. Most people are not picking a bank because of the interest rate it offers, they're picking it because they need to be able to write checks, use a debit card, make payments, etc. Anyone that's serious about growing their money is not opening a Bank of America savings account, they're using a real brokerage of some sort.
Am I wrong here? I tend to keep money far away from my bank account unless I intend to use it fairly soon, because I can do more with it elsewhere, but maybe I'm abnormal in that respect?
Personally, I'd guess that the single most important factor in choosing a bank is simply which one happens to be closer to your house so that you can make deposits and use the damn ATM without getting charged a fee. Mixed in with a little bit of hatred for banks that have screwed you over in the past, perhaps.
Unfortunately it's real difficult to compete on location until you're huge, so I don't know if something like this could ever gain much traction, especially as a startup without some serious cash invested up-front. I don't know if good web services could really close that gap; you feel the sting of a $3 ATM fee every time you get money, and making deposits is a lot easier if you don't have to send something through the mail, and I don't think a great website is going to lessen either pain point one bit.
There are many "internet-only" bank accounts in the US that reimburse you for ATM fees. I use http://www.salemfivedirect.com/ , which reimburses up to $15 of ATM fees per month, and Etrade bank does something similar. Being free to totally ignore ATM fees is really nice, and because internet banks are competing for customers that are likely more mobile and savvy than local branch banks, odds are the customer service is better.
It is also possible to deposit checks by scanning them and uploading the check image; one of my friends does that for her personal account.
Well, from a customer point of view, it is, more or less. Most people are not picking a bank because of the interest rate it offers, they're picking it because they need to be able to write checks, use a debit card, make payments, etc. Anyone that's serious about growing their money is not opening a Bank of America savings account, they're using a real brokerage of some sort.
Am I wrong here? I tend to keep money far away from my bank account unless I intend to use it fairly soon, because I can do more with it elsewhere, but maybe I'm abnormal in that respect?
Personally, I'd guess that the single most important factor in choosing a bank is simply which one happens to be closer to your house so that you can make deposits and use the damn ATM without getting charged a fee. Mixed in with a little bit of hatred for banks that have screwed you over in the past, perhaps.
Unfortunately it's real difficult to compete on location until you're huge, so I don't know if something like this could ever gain much traction, especially as a startup without some serious cash invested up-front. I don't know if good web services could really close that gap; you feel the sting of a $3 ATM fee every time you get money, and making deposits is a lot easier if you don't have to send something through the mail, and I don't think a great website is going to lessen either pain point one bit.