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Green Dot's recently launched branchless GoBank is holding personal checks deposited via smartphones for so long it raises questions about its grasp of its business model's risks and its customers' psyches.
July 3 -
Bank fees have the power to make or break customer loyalty, according to a new survey from GoBankingRates.
February 11 -
Mobile check deposit, once a low priority technology for banks, has become one of the most sought out mobile banking app features. But along with popularity and increased use, the potential for fraud is emerging.
July 11
The rise of mobile and online banking seems likely to make personal checks a thing of the past. But high earners and older customers still have a regular need to take pen to paper.
Thirty-eight percent of respondents said that they never write personal checks, according to GoBankingRates' survey of 1,501 respondents conducted between Feb. 19 and Feb. 21. Twenty-six percent said they used them several times a month, while 21% used them a few times a year and 16% wrote checks once a month.
But every single respondent who earned $150,000 or more said that they used checks several times a month, according to GoBankingRates' Tuesday
"Age played a big part in check writing frequency," Casey Bond, GoBankingRates' managing editor, said in the release. "This suggests that as older bank customers continue to adopt online and mobile alternatives, we'll see a comparable decline in the use of traditional checking features like personal checks."
Indeed, customers between the ages of 18 and 24 accounted for 61% of the respondents who said they never wrote personal checks.
"Younger consumers rely on debit card transactions or person-to-person money transfer services," Kyle Kolsky, senior vice president and head of consumer deposits at
