By Mark Brousseau
While online banking continues to grow in popularity, there is still a significant population that prefers to do its banking at the local branch. This is indicated in a recent study that found that 92 percent of all U.S. households have used a bank branch within the last 30 days. Because of this, it is important that financial institutions not lose site of maintaining efficiency and excellent customer service at their teller lines, says Hugh Clary, vice president of Monrovia, CA-based Addmaster Corporation. An easy, yet oftentimes overlooked, way of ensuring this is to use the latest teller line peripherals that enable tellers to better interact with customers, reduce technical error and quickly process checks and produce legible receipts, Clary adds.
Enable better interaction with customers
Clary notes that some of the latest teller receipt validation printers feature smaller designs, ergonomic improvements and quieter operation that enables tellers to better interact with customers. Smaller printer sizes reduce clutter and free up counter space at the teller window– providing a professional organized workspace that customers notice when interacting with tellers. Newer printers feature ergonomic improvements that simplify roll paper loading and improve form insertion. "This makes it easier for tellers to operate the machinery and focus more on customers," Clary says. "Newer ink-jet and thermal printer models are also considerably quieter than earlier serial dot-matrix printers. These new features enable tellers to concentrate more on making eye contact with customers, engage them in conversation and ask questions that can possibly lead to higher product and service sales."
Reduce technical errors
New teller receipt printers also feature integrated microprocessors and electronics for increased reliability, as well as standard see-through tear bars or optional metal tear bars. "These improvements reduce the risk of technical error such as paper jams, uneven tearing and print formatting problems," Clary says. "These problems can increase customers’ wait times and potentially damage the printers if not quickly addressed. New technology can greatly expedite teller line processes, especially when tellers – and customers– do not have to deal with the frustrating technical difficulties often brought on by outdated peripherals."
Quickly process checks and produce legible receipts
Improvements in new, automated check scanners dramatically decrease the manual workload of bank tellers, delivering a time savings of as much as 125 percent when compared to manually entered transactions, Clary says. Plus, new scanner features reduce the risk of leaving a batch of checks with an error since potential errors and check-validity problems are caught before a transaction is completed. Also, modern image quality and image usability tools immediately alert tellers of checks that are poorly scanned. "These tools help expedite check processing for tellers while further reducing the risk of costly errors," he explains.
New teller receipt printers are also capable of a wider variety of fonts and printer formats. Certain printers are compatible with a number of high performance print cartridges that operate at speeds as quick as 15 lines per second with resolutions as high as 600 DPI. These advances can maintain or improve service by providing higher quality receipts and transaction throughput–items that will undoubtedly be noticed by customers, Clary says.
"While the numerous improvements that have been made to teller line technologies may seem small, they can make a big impact on customer service in bank branches by enabling better interaction with customers, reducing technical errors and expediting check processing and producing quality receipts," Clary says. "And, because many of the new devices that feature these improvements also host a variety of customizable features that enable them to easily replace different printer brands or integrate into existing systems, banks can update their branches at minimal cost."
What do you think? Post your comments below.
Showing posts with label check processing. Show all posts
Showing posts with label check processing. Show all posts
Monday, July 13, 2009
Sunday, February 15, 2009
More Fed Layoffs
Posted by Mark Brousseau
An item from Saturday's Baltimore Sun:
The Federal Reserve Bank of Richmond said 55 employees in Baltimore will be laid off because the Fed is shutting down the check-processing operations in April.
The move is part of a consolidation of nearly two dozen check-processing facilities into four initially announced in 2007 as paper check volumes declined due to the increase of credit and debit card payments. Since that time, paper check volume has continued to fall, resulting in the Federal Reserve Bank of Cleveland serving as the single paper check processing site by the end of 2009.
An item from Saturday's Baltimore Sun:
The Federal Reserve Bank of Richmond said 55 employees in Baltimore will be laid off because the Fed is shutting down the check-processing operations in April.
The move is part of a consolidation of nearly two dozen check-processing facilities into four initially announced in 2007 as paper check volumes declined due to the increase of credit and debit card payments. Since that time, paper check volume has continued to fall, resulting in the Federal Reserve Bank of Cleveland serving as the single paper check processing site by the end of 2009.
Wednesday, February 4, 2009
Deposits Will Be Critical in 2009
By Mark Brousseau
There’s little question that we’ll see continued economic change and upheaval in 2009. But Michael Pratt, chief marketing officer, Panini North America, says remote deposit capture (RDC) solutions create an opportunity for financial institutions (FIs) to defend and even acquire the ever-important Demand Deposit Account (DDA) line of business.
With tightened credit markets and higher regulatory and market scrutiny, domestic deposits have become even more critical for FIs. McKinsey estimates that payments represented $235B in FI revenue in 2006, or 40-50 percent of an average bank’s revenue, Pratt notes. Revenue related to DDA is typically 45 percent of this base, or 18-22 percent of an average bank’s total revenue -- highlighting the significance of payments and deposits to a bank.
Economic conditions have increasingly made deposits the “benchmark” by which FI health is perceived in the market, Pratt says, and is the driver of their ability to continue to facilitate financial transactions. “We have already seen major acquisitions based primarily on access to domestic deposits, so the ability of FIs to capture deposits will be very instrumental to their success,” he explains.
“Deposit retention and acquisitions programs are central to the well being of DDA related income to all financial institutions, resulting in a renewed prioritization for remote deposit capture,” Pratt says. “Distributed capture, after all, is at its core a strategic means of acquiring deposits while lowering operational & processing costs.”
Banks that take maximum advantage of this opportunity to gain new deposits and solidify customer relationships via RDC stand to gain the high ground in the war for deposits, he concludes.
What do you think? Post your comments below.
There’s little question that we’ll see continued economic change and upheaval in 2009. But Michael Pratt, chief marketing officer, Panini North America, says remote deposit capture (RDC) solutions create an opportunity for financial institutions (FIs) to defend and even acquire the ever-important Demand Deposit Account (DDA) line of business.
With tightened credit markets and higher regulatory and market scrutiny, domestic deposits have become even more critical for FIs. McKinsey estimates that payments represented $235B in FI revenue in 2006, or 40-50 percent of an average bank’s revenue, Pratt notes. Revenue related to DDA is typically 45 percent of this base, or 18-22 percent of an average bank’s total revenue -- highlighting the significance of payments and deposits to a bank.
Economic conditions have increasingly made deposits the “benchmark” by which FI health is perceived in the market, Pratt says, and is the driver of their ability to continue to facilitate financial transactions. “We have already seen major acquisitions based primarily on access to domestic deposits, so the ability of FIs to capture deposits will be very instrumental to their success,” he explains.
“Deposit retention and acquisitions programs are central to the well being of DDA related income to all financial institutions, resulting in a renewed prioritization for remote deposit capture,” Pratt says. “Distributed capture, after all, is at its core a strategic means of acquiring deposits while lowering operational & processing costs.”
Banks that take maximum advantage of this opportunity to gain new deposits and solidify customer relationships via RDC stand to gain the high ground in the war for deposits, he concludes.
What do you think? Post your comments below.
Wednesday, August 6, 2008
Final Call For Checks
Posted by Mark Brousseau
An interesting article from Compass Bank on remote deposit capture:
The Check isn’t in the Mail—it's on Life Support
In a speech to a trade group in Las Vegas last fall, Federal Reserve Board vice chairman Donald L. Kohn noted that a check-less society has been predicted for decades. “The decline in check use has already caused the Reserve Banks to reduce by half the number of offices at which they process paper checks,” he stated.
To some observers, the idea of a checkless society echoes predictions of a cashless society that have been circulating since the advent of the first electronic payment forms. In fact, while there are clearly identifiable changes taking place in how payments are transacted, it’s unlikely that anyone alive today will live to see a time when either cash or checks become extinct.
The amount of U.S. paper currency in circulation actually has risen dramatically over the past 30 years, up to $731 billion in 2006 from $81 billion in 1975, and it’s unlikely cash will ever disappear. The use of paper checks, on the other hand, clearly is on the wane, declining by 12% from 1996 to 2004, according to research published in the Review of Network Economics in June 2006. Check usage for transactions between $20 and $80 fell more than 20% during the same period. That trend is likely to accelerate, and even where checks continue to be used, the way they are processed is evolving with the spread of new technologies such as remote deposit capture (RDC).
The advantages of RDC
“RDC is particularly significant for businesses because it opens up the way they collect their receivables on several levels,” says Joan Baraba, executive vice president at Compass Bank. “A host of industry surveys make it clear that RDC is on a rapid growth track throughout the banking industry,” she adds.
RDC offers a number of benefits to business customers, most notably improved cash flow resulting from later posting deadlines and efficiencies from eliminating the need for branch deposits. It may expedite bad-check detection in some cases, improving a business’s ability to collect on funds, and it offers the potential of significant transportation and time cost-savings.
Remote deposit capture uses imaging equipment to take paper checks and convert them into electronic images, which are transmitted to the company’s bank for processing. The convenience and time- and cost-savings from eliminating the need to physically transport paper checks to the bank coupled with the positive impact on cash flow are so compelling that market researcher Celent Communications predicts the number of business locations using RDC will grow from about 100,000 at the end of 2006 to about 1.4 million in 2012.
While RDC offers significant benefits to many types of businesses, Baraba warns it is important to keep in mind that there is no one-size-fits-all solution when it comes to payment systems—and that is a key reason why a truly cashless or check-less society is unlikely to develop any time soon.
“There are so many variables to consider when it comes to payment systems, starting with the type of payment involved,” she explains. Four general categories of payment types are business-to-business, business-to-consumer, consumer-to-business and consumer-to-consumer. Each comes with different value statements in terms of the volume, dollar value and amount of information involved.
“Regulation and fraud prevention are other issues that must be considered,” she adds. Much existing fraud-prevention technology is embedded in the paper of a check and does not survive the imaging process, for example.
“The bottom line is that RDC is just one of many different tools available to process payments,” Baraba says. “Businesses need to sit down with their financial partners and put together payment solutions that best meet their needs. In many cases, those solutions will involve multiple components.”
An interesting article from Compass Bank on remote deposit capture:
The Check isn’t in the Mail—it's on Life Support
In a speech to a trade group in Las Vegas last fall, Federal Reserve Board vice chairman Donald L. Kohn noted that a check-less society has been predicted for decades. “The decline in check use has already caused the Reserve Banks to reduce by half the number of offices at which they process paper checks,” he stated.
To some observers, the idea of a checkless society echoes predictions of a cashless society that have been circulating since the advent of the first electronic payment forms. In fact, while there are clearly identifiable changes taking place in how payments are transacted, it’s unlikely that anyone alive today will live to see a time when either cash or checks become extinct.
The amount of U.S. paper currency in circulation actually has risen dramatically over the past 30 years, up to $731 billion in 2006 from $81 billion in 1975, and it’s unlikely cash will ever disappear. The use of paper checks, on the other hand, clearly is on the wane, declining by 12% from 1996 to 2004, according to research published in the Review of Network Economics in June 2006. Check usage for transactions between $20 and $80 fell more than 20% during the same period. That trend is likely to accelerate, and even where checks continue to be used, the way they are processed is evolving with the spread of new technologies such as remote deposit capture (RDC).
The advantages of RDC
“RDC is particularly significant for businesses because it opens up the way they collect their receivables on several levels,” says Joan Baraba, executive vice president at Compass Bank. “A host of industry surveys make it clear that RDC is on a rapid growth track throughout the banking industry,” she adds.
RDC offers a number of benefits to business customers, most notably improved cash flow resulting from later posting deadlines and efficiencies from eliminating the need for branch deposits. It may expedite bad-check detection in some cases, improving a business’s ability to collect on funds, and it offers the potential of significant transportation and time cost-savings.
Remote deposit capture uses imaging equipment to take paper checks and convert them into electronic images, which are transmitted to the company’s bank for processing. The convenience and time- and cost-savings from eliminating the need to physically transport paper checks to the bank coupled with the positive impact on cash flow are so compelling that market researcher Celent Communications predicts the number of business locations using RDC will grow from about 100,000 at the end of 2006 to about 1.4 million in 2012.
While RDC offers significant benefits to many types of businesses, Baraba warns it is important to keep in mind that there is no one-size-fits-all solution when it comes to payment systems—and that is a key reason why a truly cashless or check-less society is unlikely to develop any time soon.
“There are so many variables to consider when it comes to payment systems, starting with the type of payment involved,” she explains. Four general categories of payment types are business-to-business, business-to-consumer, consumer-to-business and consumer-to-consumer. Each comes with different value statements in terms of the volume, dollar value and amount of information involved.
“Regulation and fraud prevention are other issues that must be considered,” she adds. Much existing fraud-prevention technology is embedded in the paper of a check and does not survive the imaging process, for example.
“The bottom line is that RDC is just one of many different tools available to process payments,” Baraba says. “Businesses need to sit down with their financial partners and put together payment solutions that best meet their needs. In many cases, those solutions will involve multiple components.”
Monday, July 28, 2008
Unisys Confronts Signs Of The Times
Posted by Mark Brousseau
Interesting article on Unisys in today's Philadelphia Inquirer:
By Mike Armstrong
It’s a sign of the times when furor over a sign can cause a company to rethink whether it wants to do business in Philadelphia.
Unisys Corp. said in December it would move its corporate headquarters from Blue Bell into Center City. It agreed to lease 90,000 square feet in Two Liberty Place and relocate 225 employees there.
Some scoff that that’s not a lot of jobs, but it is for the city that’s been bleeding jobs for decades.
Symbolically, the city could do worse than attract another Fortune 500 company into its core.
Who could foresee that Unisys’ plans would not be well-received by some well-heeled tenants in the million-dollar condos on the top floors of Two Liberty. Nothing against information technology; they have a problem with the red corporate logo Unisys wants to affix to the building outside the 38th and 39th floors.
That red sign has thrust Unisys into a federal lawsuit with those tenants. Plus, opponents will vent about it at a zoning hearing board meeting in September. That would be the second hearing on the sign after one last week.
Nothing of this surprises me. But to hear a Unisys spokesman say the company would have to reevaluate its plans if it isn’t able to stick its name on Two Liberty?
Does anyone really think that if Unisys loses in this sign whine that that would be the reason it doesn’t move into the city?
Come on, this company is beset by challenges.
Unisys has been the incredible shrinking computer company since it was formed in 1986 by Burrough Corp.’s acquisition of Sperry Corp. At $5.7 billion, it generates $4 billion in revenue less than it did 20 years ago. Over the same period, the company shed 62,500 jobs to bring its current global workforce to about 30,000.
And if you read the transcript of Wednesday’s conference call with analysts, the company is likely to get smaller.
“We recognize that to succeed in today’s market, we need to either be very big and highly diversified or else smaller and highly focused,” said Unisys CEO Joseph W. McGrath. “We believe the best path forward is the latter one, to build on the work we have done and further focus and refine our business model.”
If getting smaller and more focused makes Unisys more profitable, that’s great. But after 20 years, it hasn’t figured out what it’s really good at? Given some of the comments by McGrath on that call, it still sounds like it’s trying to come up with the right strategy.
I can understand brand-building, and that’s part of why Unisys wants to be in Center City. (How many times can management entertain clients at Alison at Blue Bell, right?) But lots of opponents of the Unisys sign see Philadelphia’s “brand” trumping this corporate one.
I think some of the opposition has blinders on to have missed all of the corporate logos that have been affixed to buildings around the city.
But whatever the zoning board decides, it’s going to be fascinating to see what Unisys does. If it loses, will it quietly press ahead with the move into the city? Or will it move to Radnor next to Lincoln National Corp., which moved its headquarters and 400 jobs out of Center City in 2007?
If it wins, will its branding effort be seen as innovative or annoying to the other corporate elite around town? If it wins, does it really lose?
Interesting article on Unisys in today's Philadelphia Inquirer:
By Mike Armstrong
It’s a sign of the times when furor over a sign can cause a company to rethink whether it wants to do business in Philadelphia.
Unisys Corp. said in December it would move its corporate headquarters from Blue Bell into Center City. It agreed to lease 90,000 square feet in Two Liberty Place and relocate 225 employees there.
Some scoff that that’s not a lot of jobs, but it is for the city that’s been bleeding jobs for decades.
Symbolically, the city could do worse than attract another Fortune 500 company into its core.
Who could foresee that Unisys’ plans would not be well-received by some well-heeled tenants in the million-dollar condos on the top floors of Two Liberty. Nothing against information technology; they have a problem with the red corporate logo Unisys wants to affix to the building outside the 38th and 39th floors.
That red sign has thrust Unisys into a federal lawsuit with those tenants. Plus, opponents will vent about it at a zoning hearing board meeting in September. That would be the second hearing on the sign after one last week.
Nothing of this surprises me. But to hear a Unisys spokesman say the company would have to reevaluate its plans if it isn’t able to stick its name on Two Liberty?
Does anyone really think that if Unisys loses in this sign whine that that would be the reason it doesn’t move into the city?
Come on, this company is beset by challenges.
Unisys has been the incredible shrinking computer company since it was formed in 1986 by Burrough Corp.’s acquisition of Sperry Corp. At $5.7 billion, it generates $4 billion in revenue less than it did 20 years ago. Over the same period, the company shed 62,500 jobs to bring its current global workforce to about 30,000.
And if you read the transcript of Wednesday’s conference call with analysts, the company is likely to get smaller.
“We recognize that to succeed in today’s market, we need to either be very big and highly diversified or else smaller and highly focused,” said Unisys CEO Joseph W. McGrath. “We believe the best path forward is the latter one, to build on the work we have done and further focus and refine our business model.”
If getting smaller and more focused makes Unisys more profitable, that’s great. But after 20 years, it hasn’t figured out what it’s really good at? Given some of the comments by McGrath on that call, it still sounds like it’s trying to come up with the right strategy.
I can understand brand-building, and that’s part of why Unisys wants to be in Center City. (How many times can management entertain clients at Alison at Blue Bell, right?) But lots of opponents of the Unisys sign see Philadelphia’s “brand” trumping this corporate one.
I think some of the opposition has blinders on to have missed all of the corporate logos that have been affixed to buildings around the city.
But whatever the zoning board decides, it’s going to be fascinating to see what Unisys does. If it loses, will it quietly press ahead with the move into the city? Or will it move to Radnor next to Lincoln National Corp., which moved its headquarters and 400 jobs out of Center City in 2007?
If it wins, will its branding effort be seen as innovative or annoying to the other corporate elite around town? If it wins, does it really lose?
Thursday, June 19, 2008
Federal Reserve Seeks Tenants
Posted by Mark Brousseau
An interesting article from the Associated Press on the Federal Reserve's extra office space:
Fed leases more space as people write fewer checks
By SUSAN GALLAGHER
The Associated Press
Tuesday, June 17, 2008; 3:45 AM
HELENA, Mont. -- The shift to fewer paper checks and greater electronic movement of money in the United States has left the Federal Reserve with some empty office space.
Processing of checks by the Fed, a service commercial banks purchase, is down as more Americans pay their expenses electronically with debit cards, automatic deductions from checking accounts or other options.
More than two-thirds of the noncash payments in the U.S. are electronic, according to the Fed. Locations where the nation's central bank clears checks have fallen from 45 to 18 within the last few years, and the number of Fed check employees is down to 2,800 from 4,600 in 2003.
Check work previously at the Helena Branch of the Federal Reserve Bank of Minneapolis has been consolidated with Denver operations. Branch manager Paul Drake says about one-third of roughly 100 Helena jobs ended last year, freeing up space in the brick building near the city's historic Last Chance Gulch. Now a construction crew is remodeling part of the building for a tenant set to arrive this summer.
Some Fed locations were leasing offices long before changes in the check business but now may be seeking more tenants because of reductions in check processing.
Leasing is among options being considered for Fed space that will become vacant in Cincinnati when its check operations move to Cleveland by year's end, and in Charlotte, N.C., and Baltimore when check work moves to Atlanta and Philadelphia. The Federal Reserve Bank of San Francisco has a couple of established tenants and expects to lease additional space this year as check processing operations are removed, spokeswoman Carol Eckert said.
The Fed expects that as its check processing is scaled back, eventually only the Atlanta, Cleveland, Philadelphia and Dallas locations will perform a full range of check work.
In Montana, Silicon Valley-based SRI International will move its Helena operations and staff of 10 into 3,300 square feet of the Federal Reserve building next month, SRI spokeswoman Ellie Javadi said. The relocation will provide expansion room for the research-and-development nonprofit founded in 1946 as Stanford Research Institute.
With distribution of cash to financial institutions one of the Fed's functions, and its banks housing millions of dollars, managers don't want just any business to move in.
"There are certain tenants that would make a good fit for a facility such as this, and there are some that wouldn't," said Helena's Drake, declining to elaborate.
Talk between representatives of the Federal Reserve and SRI occurred during an economic-development conference last year in Butte and ultimately led to the SRI lease.
Electronic payments first surpassed checks in 2003, when 36.7 billion checks were written and electronic payments surged to 44.5 billion, according to the Fed. Further reducing paper handling is Check 21, a federal law that allows banks to send digital images of the checks people do write, rather than moving those slips of paper from place to place for processing.
Although "wringing the paper out of the system" boosts efficiency and checks are receding dramatically, don't expect a checkless society anytime soon, said Doug Johnson of the American Bankers Association, an industry group in Washington, D.C. "For the foreseeable future, there will be people who are accustomed to sending their payments by check," said Johnson, vice president of risk management policy.
Three in 10 bank customers say checks remain their preferred method of payment, said Wendy Feller of IBM's Institute for Business Value, a research unit in San Francisco. Security is consumers' leading concern about electronic transfer, Feller said.
But that is not the issue for Brian Johnson, whose bill payments keeps checks moving into the Federal Reserve or other clearinghouses.
The 25-year-old assistant at a Helena retirement complex finds that paying electronically "feels like another step in losing control of my budget."
"I send checks every month," Johnson said. "I want them to send me a bill, and I want to look at the bill, and I want to budget the bill, and then I'll send them a check."
An interesting article from the Associated Press on the Federal Reserve's extra office space:
Fed leases more space as people write fewer checks
By SUSAN GALLAGHER
The Associated Press
Tuesday, June 17, 2008; 3:45 AM
HELENA, Mont. -- The shift to fewer paper checks and greater electronic movement of money in the United States has left the Federal Reserve with some empty office space.
Processing of checks by the Fed, a service commercial banks purchase, is down as more Americans pay their expenses electronically with debit cards, automatic deductions from checking accounts or other options.
More than two-thirds of the noncash payments in the U.S. are electronic, according to the Fed. Locations where the nation's central bank clears checks have fallen from 45 to 18 within the last few years, and the number of Fed check employees is down to 2,800 from 4,600 in 2003.
Check work previously at the Helena Branch of the Federal Reserve Bank of Minneapolis has been consolidated with Denver operations. Branch manager Paul Drake says about one-third of roughly 100 Helena jobs ended last year, freeing up space in the brick building near the city's historic Last Chance Gulch. Now a construction crew is remodeling part of the building for a tenant set to arrive this summer.
Some Fed locations were leasing offices long before changes in the check business but now may be seeking more tenants because of reductions in check processing.
Leasing is among options being considered for Fed space that will become vacant in Cincinnati when its check operations move to Cleveland by year's end, and in Charlotte, N.C., and Baltimore when check work moves to Atlanta and Philadelphia. The Federal Reserve Bank of San Francisco has a couple of established tenants and expects to lease additional space this year as check processing operations are removed, spokeswoman Carol Eckert said.
The Fed expects that as its check processing is scaled back, eventually only the Atlanta, Cleveland, Philadelphia and Dallas locations will perform a full range of check work.
In Montana, Silicon Valley-based SRI International will move its Helena operations and staff of 10 into 3,300 square feet of the Federal Reserve building next month, SRI spokeswoman Ellie Javadi said. The relocation will provide expansion room for the research-and-development nonprofit founded in 1946 as Stanford Research Institute.
With distribution of cash to financial institutions one of the Fed's functions, and its banks housing millions of dollars, managers don't want just any business to move in.
"There are certain tenants that would make a good fit for a facility such as this, and there are some that wouldn't," said Helena's Drake, declining to elaborate.
Talk between representatives of the Federal Reserve and SRI occurred during an economic-development conference last year in Butte and ultimately led to the SRI lease.
Electronic payments first surpassed checks in 2003, when 36.7 billion checks were written and electronic payments surged to 44.5 billion, according to the Fed. Further reducing paper handling is Check 21, a federal law that allows banks to send digital images of the checks people do write, rather than moving those slips of paper from place to place for processing.
Although "wringing the paper out of the system" boosts efficiency and checks are receding dramatically, don't expect a checkless society anytime soon, said Doug Johnson of the American Bankers Association, an industry group in Washington, D.C. "For the foreseeable future, there will be people who are accustomed to sending their payments by check," said Johnson, vice president of risk management policy.
Three in 10 bank customers say checks remain their preferred method of payment, said Wendy Feller of IBM's Institute for Business Value, a research unit in San Francisco. Security is consumers' leading concern about electronic transfer, Feller said.
But that is not the issue for Brian Johnson, whose bill payments keeps checks moving into the Federal Reserve or other clearinghouses.
The 25-year-old assistant at a Helena retirement complex finds that paying electronically "feels like another step in losing control of my budget."
"I send checks every month," Johnson said. "I want them to send me a bill, and I want to look at the bill, and I want to budget the bill, and then I'll send them a check."
Subscribe to:
Posts (Atom)
