First Union Bank Message Board

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Non-Tech : First Union Bank

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To: BWAC who wrote (318)	2/6/2001 11:26:56 AM
From: Lynn	Read Replies (2) of 323

Personally, I do not feel it fair to use a purely online brokerage/bank for comparative purposes with FTU [MEL, C, JPM, etc] : "So should the customer be penalized by 1.4% on a CD, .75% on interest checking, and pay higher broker fees just because FTU has an out of whack non market competitive cost structure to support?" How are FTU's rates for CDs, interest on savings compared with other on-the-ground banks in your area? This is comparing apples to apples. A FTU customer is only being "penalized" if FTU's rates are not equivalent to other traditional banks in an area. People have choices. Not everyone wants to deal with online banking or trading concerns. If someone only wants to place an order to buy or sell stock and nothing more, sure one can find low rates. If one also wants access to analysts research and other things, why shouldn't they pay more than a bare bones operation? As an FTU shareholder, I have not been exactly happy with them for the past few years so it's not like I'm trying to defend them because I think they are great. I just think one must compare equivalents. Lynn

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