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A Bank With No Buildings

Techstination feature for Friday, October 9, 1998

A new bank that exists only on the Internet. I'm Fred Fishkin with Bootcamp, a report on computers and technology. There are lots of banks that allow you to bank online. Now there's a bank that is only online. Compubank.

"We are the first virtual national bank to receive a charter from the comptroller of the currency and also approval from the FDIC to provide banking services exclusively over the Internet and via tele-banking, the interactive telephone as well."

Compubank head Jonathan Lack says it is safe and secure. Customers, after the account is set up, won't have to worry about much in the way of paper at all...

"And what a customer does... they can go to the site, at Compubank they can actually see their balances in real time. They can see their check images, the front and back of a check. When you pay a bill and you mail in your check, at Compubank's you'll be able to see the image , you'll be able to see your statements online."

The statements and cancelled checks won't be mailed to you. There are no brick and mortar branches, no tellers. And says Lack, because of that, much lower fees...

"The banking industry, particularly the larger national banks, have a reputation for high fees and poor customer service. And at Compubank, we'll have a reputation for excellent customer service and low fees."

Consumers will have to judge whether their ready to abandon the bank on the corner for one in cyberspace.