Lower fees and better interest rates motivate customers to open accounts with online banks. However, the lack of personal service and concern for information security encourages some customers to return to a traditional bank.

Question

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Since online banks do not have the costs of physical overhead that more traditional banks have, this allows them to offer lower fees and better interest rates. However, putting financial information into cyberspace raises security concerns for some, while others miss the personal relationship of their local bank.

Lower Fees and Better Interest Rates Motivate Customers to Open