In present day, the internet has changed many aspects of our economy and world, making most things more convenient and easier to accomplish. This is especially true in the banking industry. Remember the days when to pay a bill you had to write a check and send it in the mail? Or to deposit your check from work you would have to hit the bank drive through on your way home on a payday, and wait in a terribly long line because everyone else was doing the same thing?
These days are over, nowadays most employers love direct deposit, and most employees do to. I know I love direct deposit because it is so terribly easy, and so quick and efficient.
But what effect do these things have on the banking industry? There is now a much less need for bank tellers, because most people use direct deposit and online banking for all of their banking needs.
I am a fan of online banking, but not everyone is. I have a friend who prides himself on getting his check from his job, driving to the bank, and depositing it himself rather than signing up for direct deposit. He claims it makes him feel like he really made the money, rather than just seeing a larger number in your account page on a screen. In essence i understand this. Even things like debit cards can have a similar effect. I feel that when I use a debit card it is barely even money, it is just a number on the screen. "debit and forget it" is a popular saying used to depict the way that a debit card transaction feels impersonal and like you are barely spending the money at all. I feel that when i have cash in my wallet and am going to hand fork it over for something, I think hard about if I really need it. Whereas my debit card and online transactions just changed the number on the screen.
Online banking is the new trend, it makes it even easier to spend and move your money. But is it really a good thing for consumers? Seeing as though it makes it even easier for people to spend and not save? You be the judge. Personally, I like the convenience.
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