THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, September 5, 1996 TAG: 9609050513
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY TOM SHEAN, STAFF WRITER
LENGTH: 44 lines
In a drive to expand consumer access to its services, Crestar Bank has begun installing more sophisticated automated teller machines and opened its telephone-banking system to users of cellular telephones.
Crestar, a Richmond-based bank with 58 branches in Hampton Roads, said Wednesday that it also is offering a home-banking program through America Online Inc., the nation's largest provider of online-computer services to individuals.
The telephone-banking service that Crestar is opening up to cellular-phone users enables customers to check account balances, transfer funds and perform other tasks 24 hours a day.
Crestar's latest investments in home banking and teller machines come amid efforts by many banks to improve their customer convenience while reducing their overhead, especially at branches.
``The technology-based transactions are more efficient for us, but we've made a point of not eliminating the branch option for those who want face-to-face service,'' said Tony Mattera, a Crestar spokesman.
Crestar's new teller machines will provide customers with information about their account balances and recent transactions but will not dispense cash. The machines also will offer information about Crestar products and allow depositors to shift funds from one account to another.
The machines are being installed this month next to 70 of Crestar's conventional teller machines in Virginia, Maryland and Washington. These locations include eight Crestar branches in Chesapeake, Virginia Beach, Newport News, Hampton Williamsburg and Grafton.
The bank tested the machines at five locations in Washington and Richmond for more than a year and discovered strong customer interest in their services, Mattera said.
Crestar already offers depositors a home-banking service but is adding the America Online service because of its ease of use, Mattera said. The America Online product, which uses BankNOW software from Intuit Inc., allows depositors to pay bills, review the status of their accounts, transfer funds from one account to another and apply for loans by computer.
America Online has signed up 16 other financial institutions as partners for its home-banking service, including Bank of America and Wells Fargo & Co. in San Francisco and Centura Bank in Rocky Mount, N.C. by CNB