Some bank customers turn to discount brokers, not branches

08/4/2011 | Forbes

Some consumers are realizing that their Internet banking does not have to be conducted with banks and instead can go through the likes of Fidelity or Charles Schwab. By depositing a paycheck electronically at a discount broker, consumers get free checking, online bill-paying and a debit card. "The time has arrived when a lot of people can do very well with a firm like Fidelity for all of their cash management," said James Burton, head of retail brokerage for Fidelity Investments.

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