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Money in the eBank

Online banks still battle consumer distrust.

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This story appears in the July 2001 issue of Entrepreneur. Subscribe »

It's been a strenuous battle for Internet-only banks since they emerged in 1995. The concept of a bank surviving solely on the Web seems promising-unlike other online businesses, banks don't have to deal with inventory, warehouses or product returns. But customers aren't signing on, and profits are slim to none.

Still, Internet-only banks would seem to be the way to go for entrepreneurial businesses, whose finances are more complex than the average consumer's but usually small enough to be handled in-house. Why not choose banking at the comfort of your own desk over trekking down to the local bank branch to stand in line?

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