Academic journal article ABA Banking Journal

Intuit on the Move

Academic journal article ABA Banking Journal

Intuit on the Move

Article excerpt

If you think home computer banking is only for computer fanatics and therefore no competitive threat, you might want to think again, especially since a provider of bank-related home computer services now also offers its customers a Visa credit card,

Intuit is a Menlo Park, Calif., software firm that started in 1983 and began distributing its Quicken program through banks, believing check balancing software would be a natural fit with bank products. After a few lean years, it dropped that approach in favor of instore merchandising, newspaper ads, and TV commercials. Quicken now has three million users. Along with budgeting and account management, it can be used to pay bills (through the services of Checkfree Corp.), produce reports, and transfer funds between accounts.

Intuit began offering Quicken users a Visa card from Primerica Bank in September. The card itself is fairly standard, with an annual percentage rate of 8.75% above prime and no annual fee. What's special is that the charges on customers' monthly statements can be organized into categories (such as "dining" and "clothing") and electronically sent directly into their Quicken software. …

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