Banks & Fee Speak

 

Many banks have initiated to charge customers different type of fees.  If the banks use human teller, They charge almost $.5 from some of the customers. Some of the banks charge monthly payment. This is mainly done for two reasons:

  1. First encouraging customers to utilize the electronic banking services such as ATMs and ebanking.
  2. Second encourage customers to save more amount of money by investing at the right place.

Though the customers do not support this banking decision but at the end it is for the betterment of their future.

 

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Banks convey that they have learned,  that automation, ebanking and computerization is not only cost efficient but also more efficient than basic human tellers.

“Since many of us refuse to deposit our pay check, withdraw money or make a loan payment through the ATM.  Banks force to raise fees because it costs a lot of money to continue paying a human workforce for tasks.  That could be executed electronically”.  This has conveyed by Mark Webb, the CFO of First National Bank.

Feespeak has created almost 18 Billion dollar problem.  That customers were facing unknowingly. Online, Automated, Electronic or whatever way is available.  This encourages people to cross verify their paper statements and reconcile their bank accounts each month. “Cant you do it any faster” customers even do not even possess their monthly paper statement.

The above reasons can encourage banks to do misleading activities with customers’ savings and investment. No written agreement or paper statement can keep the customers into big trouble. A customer misses the opportunity to unable to find a new home or even isolate you from other routine banking activities.

 

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With the help of electronic banking, one can also check the current balance online every day. Human tellers created issues such as don’t check your balance but thanks to virtual banking assistance.  E banking has become more reliable and flexible than human teller. This causes transparent banking and clear knowledge about the same.

Human tellers created an intervention and manipulated during the course of transaction. Artificial Intelligence has gained trust of several customers and day by  day everything is becoming digital.  People pay, receive & make bank transactions via digital banking platforms.

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