May 23, 2003 · Lessig
I got a surprising number of replies to my post about online banks. Bank of America has the most loyal customers by far, with 2.5x the number of positive responses over the next highest rank. Second place was tied between USAA and Citibank. Wells Fargo, HSBC, American Express and eTrade also got strong recommendations.
PC Banker got a particularly strong recommendation from someone I know who apparently has a very interesting passion researching such questions. And First Internet Bank of Indiana got a similarly strong set of recommendations.
There were also a surprising number of missives about the value of local credit unions (indeed, adding them together, credit unions were also tied in second place). I am a member of the Stanford Federal Credit Union, but it has discontinued its online access with Quicken.
The most surprising response, however, came from Citibank itself. On the day I posted the question, a very kind manager at Citibank called to tell me he had been reading my webpage (!). Within a day, all problems with my account at Citibank had been corrected, and my account is live. I didn’t quite know how to respond to this, but I count this as extra effort by Citibank, and so I’ll give them a try. More when there’s something useful to report.
Meanwhile, on the power of blogs…