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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Jon Stept who wrote (6726)	6/2/1999 3:07:00 AM
From: Mary Baker	Read Replies (2) \| Respond to of 13953

Jon...I am just the opposite...my bank is over 6000 miles away from where I live. I have not stepped inside a bank for over 7 years. I do everything either by phone or electronically. When I want cash I use an ATM machine or cash a check. I keep this same account because I get free checking, interest bearing, and my bank does not charge me to use other banks ATM machines. That is why I keep this account. Brick and Mortar (B&M) Banks do NOT want people to use branches or tellers...they are discouraging that by charging you more to have person to person contact. They would rather you use an ATM machine...and they want to charge you both ways: for using their own and for using others... The brick and mortar banks are definitely realizing the importance of being on-line...they are just concerned that the pure INTERNET BANKS have beat them to the gate...and we all know how FIRST ON THE NET plays a major role in future success. One of the advantages that the PURE net banks offer are higher yields and interest on savings, CD's etc. They do not have the overhead and can offer very attractive rates that the B&M banks cannot. This will certainly be a draw for customers. As time marches on...your nostalgia becomes just that...nostalgia...the past! ATM's started the transition and now it will be further realized by on-line banking as the rule and not the exception.

To: Jon Stept who wrote (6726)	6/2/1999 12:05:00 PM
From: WhySoSoon	Read Replies (1) \| Respond to of 13953

Hi Jon, I am looking way into the future. You know what? I can sense sometime down the road, ETrade will come in full circle. I believe there will be a day that ETrade will also have brick and mortar. I can see that humans (at least some) really need relationship and human interaction. So I won't be surprised at all if they make that move. But certainly it is not now. On another note: I also understand that an average American is something like 140% more debts than assets in 1998. These debts can be loans ranging from personal loans to mortgage to margins. What we are witnessing these days is the inflated asset base get deflated. Because of the asset base of most people get reduced, there will be a repercussion effect in spending habit. The multiplier, IMHO, will be quite significant. People will have to spend less and the impact will be great if this persists.