The New Direct Bank
While most banks are still struggling to woo customers to their internet divisions; M&T Bank Corporation, one of the largest commercial bank holding companies in America has come up with a unique idea – OnBank. OnBank is their online-only banking division which operates almost as a separate bank. To open an account, customers can apply on any of the product pages and then witness a quick 10 minute application process. OnBank boasts of a complete and tight security technology that includes 128-bit encryption. Upon signing on for access, customers are asked for their User ID and Password, in addition to a random piece of information that they may have provided at the time of application. Customers can access their accounts anywhere the find an internet connection. Of course, for withdrawals and deposits funds need to be transferred to and from other bank accounts. So till the world doesn’t become totally independent of physical forms of money, having only an OnBank account may not be feasible. But then again, since OnBank is the product of M&T Bank, some kind of coalition may soon be formed if OnBank has enough takers. Time will tell. So then who is OnBank really useful for? Mostly, for people who do not have the time to go to the bank themselves at a regular basis, people who travel often. Netbanker adds that OnBank passes their strict 25-word homepage standard and joins an exclusive list of financial institutions that exhibit Google-like clarity on their homepage. Read more on this here.