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About the $2,500 minimum? It is true, some customers do not open accounts for that reason, but it is far less of a problem than I thought it would be when this account was started. Most people do not seem to mind having that minimum and earning over 3%, others feel that it is worth the $5 monthly fee to have the internet access and have a lower balance.
The growth in new internet checking accounts is directly attributable to the increase in web sites where Telebank can be found. I don't think it is appropriate to post new account figures, but the bank is running way ahead of the projections for new accounts, even after the projections were revised upward.
Profitability? All accounts at Telebank are profitable! This comes as a shock to most bank people, but they are all designed to be profitable from the beginning. Our costs to operate per account are about half that of a typical bank. Combine that with the $2,500 minimum(or $5 handling charge) and all accounts become profitable.
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