Bank Direct is an Internet-only bank – it does not have any physical banking premises, so it does not have any branches either. It is the Internet Banking Division of the Texas Capital Bank, which is a nationally chartered bank. Bank Direct went live in 1999 and it provides regular banking services like interest checking, savings, money market accounts, certificate of deposit and a free bill pay service to its customers. Here is an introduction to Bank Direct :
About Bank Direct
How does Bank Direct work Bank Direct’s website, BankDirect.com, is very easy to navigate on and it contains helpful information for customers and prospective customers. New customers can open an Internet banking account anytime. They have to submit an application, and if it is accepted, their online account is setup and a welcome kit is mailed to them. An access ID, password and ATM card (if asked for) is included in the welcome kit mailer. It's not a physical thing, like for example opening a Barclays bank Savings account. It is completely done online and though the benefits are many, the personal touch, which is so reassuring in banking, is missing. Other than the online-only status, Bank Direct operates like a regular bank. Customers can withdraw cash from ATMs and conduct telephone banking. No fees are charged on ATM usage. The bank also does not charge customers any service fee on electronic payment of bills. It sends e-copies of statements. Since no paper is used, bank Direct is a green bank. I.s reports are compatible with Quicken and Microsoft Money and it helps in accounting. The bank also operates a customer service center 24/7. Being US-based, it targets customers in all the 50 US states. Bank Direct also offers Individual Retirement Accounts, different types of credit cards, and personal insurance. Customers can also buy foreign currency. The website contains many financial tools and a very helpful online tax return preparing tool.
To sum up
Bank Direct’s unique online-only banking model actually helps in saving money which it would have otherwise spent on maintenance and running of branches,These savings help Bank Direct to price their services more competitively than regular banks. Internet banks seem to be catching on at a fast clip and as technology becomes more secure, people will in all probability switch over to Internet and mobile banking in the not-too-distant future. Bank Direct seems to get a head start in this niche. Its service also seems impeccable as there are no customer complaints reported on the Internet (as on 01.07.11).