8 years ago
4
Britain just gave the green light to a bank with no branches and no website — just an app
The Bank of England has given Atom Bank a banking licence and the mobile-first bank plans to launch in the UK later this year
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http://www.businessinsider.com
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The States has had internet-only banks for over a decade now. Same basic premise, but instead of internet accessibility, it's a phone app.
Off the top of my head, I think that would limit it's appeal to adults (who, you know, deposit stuff into banks), but perhaps the market is a lot different in the UK.
Yeah this made me think of Orange, which is the same idea but was internet based. I don't know if it's still around though.
So how do you deposit things into the accounts? Do you just get to do direct deposit, is there going to be a major fee for using another branches ATM for the deposits, this sounds like a gimmick that isn't going to work very well in app only form.
For deposits, i'd imagine most of that will be via direct deposit. These days you can snap photos of checks received and it will deposit into your accounts as well.
My credit union just has a handful of ATM's, but credit back all third-party fees when you use another ATM. I think they limit it to 4 times a month, or something. We're lucky to have an ATM right down the road from our house, so aren't really affected by it.
I didn't think about that, I've never used those options but we can take pictures and send them to the bank. I'm more concerned with only being able to use an app, I'd like to at least sometimes use a bigger screen like say my Computer at home when doing my monthly budgeting plans.