Would You PAY For A Premium Online Banking Service?

by Erin McCune on February 18, 2009

in Online Banking

Erin McCune

At NetBanker.com Jim Bruene suggests that he’d pay $15 a month for a premium online banking service that included the following features:

  • High-end website and iPhone app
  • Long-term (7+ years) online storage of images, transactions, statements
  • On-demand credit score like Credit Karma
  • Credit bureau alerts when negative items hit
  • Account aggregation with weekly summaries like Mint
  • Email customer service with 30-minute or less turnaround time
  • VIP phone and tech support with no phone tree
  • No overdraft/NSF charges (within limits of course)
  • Travel rewards/sweepstakes on electronic transactions
  • Pre-filled one-click credit application
  • Extra security options [EMc: fob?]
  • SMS balance inquiry
  • Iron-clad, no-fine-print security guarantee with 100% immediate reimbursement and emergency credit line

Tell us what you think (in the comments):

  1. Would you pay for a bundled premium service like this?
  2. Are there any additional features that you would want to be included?
  3. When it comes to fruition, do you expect this type of service will be offered by your bank, a card network, or a third party?

6 Responses to “Would You PAY For A Premium Online Banking Service?”

  1. I would pay if it also included a fully integrated bill payment/household finance-budgeting service (like Quicken but only the essentials) which would allow feeds from other banks/issuers. I would move to such a bank. It would be refreshing to actually pay a bank for added value received than for mistakes made or nickle-dime BS.

  2. JB says:

    I wouldn’t pay my bank [Bank of America] for anything more than I have to. If we agree to pay for services like these, more banks will start charging for services that should be commonplace. I can get most of this already, other than the fee waivers, from 3rd parties. Plus, $15/month is steep. That is $180 a year!!!

  3. Bryan Derman says:

    Wouldn’t the Mint application quickly analyze my spending patterns and advise me that as I paying a lot of money for online banking services that could be obtained for no additional charge at most banks??

  4. An additional feature I’d want is an API to my bank. It could start with a read-only feed of my data (hopefully better than OFX) but, eventually, I’d like to be able to “program my bank”.

    For example, perhaps I’d like it to alert me when check 12345 clears. Or, to allow me to “positive pay” any checks over $500. Or, send me an alert (SMS, email, etc. – let me decide) whenever my credit card is used out of my home area. Etc. The list is endless – which is why an API is what’s needed – not some lame list of pre-selected items that some product manager thought met my needs!

    [Update – See my post The New Banks!]

  5. Dave Birch says:

    “Or, send me an alert (SMS, email, etc. – let me decide) whenever my credit card is used out of my home area.”

    You’d think this would be so trivial that all banks would implement it, but the problem is that the credit card systems are all outsourced or in other ways unconnected. The checking account silo, debit silo and credit card silo different businesses, and none of them will spend a cent on something that will help out the other. What does the guy running the checking business care if credit card fraud goes up?

  6. Dave, indeed. Another reason we need some new banks!

    I remember back when we initially started focusing on debit cards at Visa. We thought the Visa member relations folks who had been calling on the credit card silo of a bank for years could simply drop by the retail/debit HQ and quickly convince the head of retail that issuing Visa debit cards made complete sense. Duh – turned out that the retail bank head and the credit card head were often intense rivals internally. “If you’re her friend, you’re not my friend!” Such is life.

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