Once it's set up, online banking generally saves banks money
on transactions, and these savings are largely handed back
down to the customers. For example:
- A banking transaction involving a teller averages $1.07.
- A telephone transaction costs 54¢.
- A transaction made through an ATM costs 27¢.
- Banking with a PC software program costs 1.5¢.
- An Internet-based transaction only costs one cent.
Many banks offer lower fee checking accounts to customers
who prefer to bank by ATM, phone, or computer, and very few
charge for individual online account access. When a fee is
charged, it's typically a low monthly fee of $5 to $10.