Online banking creates 'bankaholics'

13 Aug 2001 09:30

Having 24-hour access to bank accounts leads to constant balance checking, but may also result in more careful accounting

Internet banking is a boon to many, by saving customers the hassle of rushing to the bank during office hours and queuing. However, according to the BBC, online banking has spawned some undesirable side effects.

Among the bizarre reactions to Net banking has been "bankaholism" -- when people access their accounts obsessively.

A study conducted by HSBC showed that one in 10 Britons checked their bank balance up to four times a day. A whopping 25 percent of people knew their bank balance to the last penny, while 45 percent knew it to the nearest £10.

Internet and phone banking seems to play a part in cultivating such obsessive behaviour. While one in five people admitted to checking their accounts three times a day regularly, the number among phone and Internet banking customers jumped to one in three.

One quarter of men checked their bank accounts often, while only 13 percent of women did the same.

The bright spot in this Silas Marner-type predilection for money-counting is that people seem more careful about their spending, with 60 percent of the respondents saying they had never been overdrawn.

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Story URL: http://news.zdnet.co.uk/emergingtech/0,1000000183,2093001,00.htm