Banks Speed Process For Opening Online Accounts

February 4, 2005 03:23 PM

Banks Speed Process For Opening Online Accounts

Excerpt: Now, a number of financial institutions are speeding up online applications to open accounts by offering automated identity checks and funding options such as credit-card charges and transfers that clear faster than checks. Among the banks looking to accelerate the process are Citigroup Inc.'s Citibank and Wachovia Corp.

Bank branches are losing a major advantage over online banking: instant accounts.

Visiting a branch has traditionally been the quickest way to open and fund an account for say, checking or savings, because of the paperwork and processes involved to validate customer identities and avoid fraud. At a branch, consumers typically can provide the data needed and walk out with an active account.

With an online application to open an account, customers often need to send in items such as signature cards and checks to fund the account. It also could take from 24 hours to more than two weeks to get access to the account.

Now, a number of financial institutions are speeding up online applications to open accounts by offering automated identity checks and funding options such as credit-card charges and transfers that clear faster than checks. Among the banks looking to accelerate the process are Citigroup Inc.'s Citibank and Wachovia Corp.

In April, Bank of America Corp. plans to automate its identity-verification process so customers will be able to immediately open and fund accounts online. Currently, online applications are reviewed manually and take 24 hours to process.

Elsewhere, HSBC Holding PLC's HSBC Bank USA plans to offer instant online-account opening and funding during the first half of this year. Currently, to open an account, consumers must mail in the paperwork and wait as long as two weeks for access.

In August, Wells Fargo & Co. plans to fully automate its application process so customers will be able to open and have access to new accounts immediately. Currently, the account is opened overnight.

READ FULL STORY ...

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Read all 22 posts in the same category of Banking:

Going Online To Balance Family Budget - Feb 17, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Momentum Is Gaining for Cellphones as Credit Cards - Jan 10, 2005
Rebels With A Cause, And A Business Plan - Jan 01, 2005
Banks Boost Customer Incentives, But Rates on Savings Remain Low - Dec 27, 2004
Online Bill Paying: How To Get Started - Dec 27, 2004
Banks Test ID Device for Online Security - Dec 24, 2004
Paper Checks Going Bye-Bye? - Dec 08, 2004
Check It Out: Incentives to Pay Bills Online - Dec 07, 2004
'Gift Cards' May Come Loaded With Fees - Nov 29, 2004
Where To Keep Your Rainy Day Fund - Nov 29, 2004
What's Your Bill-Paying Personality? - Nov 28, 2004
Debit Cards Lack Protections Of Credit Cards - Nov 28, 2004
A New Era In Banking Begins - Nov 25, 2004
Automatic Debit Scams - Nov 22, 2004
Bank Accounts Fail To Follow Fed's Lead - Nov 12, 2004
ChexSystems Puts Him In Penalty Box - Nov 09, 2004
"Check 21" Starting in Late October - Nov 03, 2004
Gift Cards 04 - Nov 03, 2004
Save Electronic Checks for Your Taxes - Nov 01, 2004

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