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At year-end 1998 , 17 non-brokerage financial services companies had registered user bases in excess of 100,000. Sixteen months later only 8 more companies have topped the 100,000 mark (see Table 1). These 24 companies have a combined registered user base of 15 million. We estimate that 20% to 25% of these accounts are inactive (no usage in the last 90 days); another 25% to 30% are duplicates with a single household having multiple online registrations. That leaves approximately 8 million unique households served by the largest 25 programs listed in Table 1, a 70% to 75% share of the estimated 11 to 12 million North American households currently using online banking.
Table 1
The 100,000 Club (North America)
estimated online banking (OLB) user base1, ATM cards in millions
| Apr | Dec | Name | HQ | OLB | ATM | % |
| 1 | 2 | Bank of America | Charlotte, NC | 2,100,000 | 21.4 | 9.8% |
| 2 | 3 | Wells Fargo | San Francisco | 1,700,000 | 15.2 | 11.2% |
| 3 | -- | X.com3 | Palo Alto, CA | 1,500,000 | ina | ina |
| 4 | 10 | First Union4 | Charlotte, NC | 1,500,000 | 4.6 | n/a4 |
| 5 | 1 | American Express | New York | 1,200,000 | 42.75 | 2.8% |
| 6 | 4 | Citibank6 (e) | New York | 1,000,000 | 5.6 | 18% |
| 7 | 9 | TD Bank7 | Toronto | 775,000 | 3.2 | 24% |
| 8 | 11 | Bank One8 | Columbus, OH | 650,000 | 8.3 | 7.8% |
| 8 | 8 | Royal Bank9 | Montreal | 650,000 | 6.0 | 14% |
| 10 | 6 | FleetBoston | Boston | 500,000 | 4.6 | 11% |
| 11 | 7 | Chase (e) | New York | 500,000 | 4.1 | 12% |
| 12 | 13 | Canada Trust | Toronto | 400,000 | 2.6 | 15% |
| 13 | 12 | Bank of Montreal | Montreal | 325,000 | ina | ina |
| 14 | 5 | CIBC | Toronto | 300,000 | 5.7 | 5.3% |
| 15 | -- | SunTrust | Atlanta, GA | 275,000 | 1.1 | 25% |
| 16 | -- | ScotiaBank10 | Toronto | 250,000 | 2.9 | 12% |
| 16 | -- | Wachovia | Winston-Salem, MA | 250,000 | 2.3 | 11% |
| 18 | 17 | Navy FCU | Vienna, VA | 200,000 | 1.1 | 18% |
| 18 | -- | Huntington | Columbus, OH | 200,000 | 0.8 | 25% |
| 20 | 16 | US Bancorp(e) | Minneapolis | 175,000 | 2.8 | 6% |
| 21 | -- | NextCard (e) | San Francisco | 150,000 | n/a | n/a |
| 22 | -- | e*Trade Bank | Arlington, VA | 130,000 | ina | n/a |
| 23 | 15 | KeyCorp | Cleveland, OH | 125,000 | 2.9 | 4.3% |
| 23 | -- | Washington Mut.(e) | Seattle, WA | 125,000 | 1.1 | 11% |
| Total users | 15.0 mil | 139 mil | 10.8% | |||
| Total less Amex | 13.8 mil | 96 mil | 14.4% | |||
| unique/active users11 | 8 mil |
|
Source: Online Banking Report, 5/00; Faulkner & Gray, 6/99; e=estimate
1Estimated number of registered users for online banking as of April 30, 2000; 2Number of ATM cards as of 1/1/99 per Faulkner & Gray’s Card Industry Directory, (800) 535-8403, a proxy for number of checking accounts, 60% to 70% of checking accounts have an ATM card, and of those that do, the average number of cards per account is 1.4 to 1.6; 3Includes PayPal users; 4Includes brokerage accounts; 5Number of charge cards worldwide; not directly comparable to the other ATM figures; 6Includes credit card customers accessing statement data at www.accountonline.com 7Excludes another 1.7 million brokerage accounts at TD affiliate, Waterhouse; 8Includes 500,00 from Bank One/First USA and 150,000 from Wingspanbank; 9Excludes another 230,000 brokerage accts; 10Active users only; total registered user base is 1.8 million; 11OBR estimate +/- 20%
Table 2
Largest CU Programs (North America)
estimated online user base
| Apr | Dec | Name | HQ | MembersOnline |
| 1 | 1 | Navy Federal CU | Vienna, VA | 200,000 |
| 2 | 3 | Digital Employees FCU1 | Maynard, MA | 67,000 |
| 3 | 2 | Boeing Employees CU | Seattle, WA | 55,000 |
| 4 | 4 | Stanford FCU | Palo Alto, CA | 50,000 |
| 5 | 5 | Van City CU | Vancouver, BC | 45,000 |
| 6 | -- | Mountain America CU | Salt Lake City, UT | 40,000 |
| 7 | 8 | First Tech CU | Beaverton, OR | 30,000 |
| 8 | -- | Pennsylvania Empl. CU | Harrisburg, PA | 25,000 |
| 9 | 9 | The Golden 1 CU | Sacramento, CA | 25,000 |
| 10 | -- | Affinity FCU | Bedminster, NJ | 18,000 |
| 10 | 12 | Technology FCU | San Jose, CA | 18,000 |
| 12 | 7 | Univ. of Wisconsin CU | Madison, WI | 16,000 |
| 13 | -- | Alliance CU | Fenton, MO | 15,000 |
| 14 | 10 | Community CU | Plano, TX | 15,000 |
| 14 | 11 | Fairwinds Financial CU | Orlando, FL | 15,000 |
| 16 | -- | Security Service FCU | San Antonio, TX | 12,500 |
| 17 | -- | ESL FCU | Rochester, NY | 11,000 |
| 17 | -- | Indiana Univ. FCU | Bloomington, IN | 11,000 |
| 19 | 13 | Xerox CU | El Segundo, CA | 10,000 |
|
|
| Total | 680,000 |
Source: Faulkner & Gray, Directory of Home Banking & Financial Services, <faulknergray.com> 6/99; Online Banking Report, 5/00
1Number of Digital Emp. FCU members that have logged in within last 90 days, 45% of its total member base of 148,000 (as of May 31, 2000)
Table 3
Biggest Gainers
increase in online user base*
| Company* | Users | Increase | % | |
| 4/00 | 12/98 | |||
| 1. X.com | 1.5 mil | 0 | 1.5 mil | n/a |
| 2. First Union1 | 1.5 mil | 225,000 | 1.3 mil | 570% |
| 3. Bank of America | 2.1 mil | 900,000 | 1.2 mil | 130% |
| 4. Wells Fargo | 1.7 mil | 900,000 | 800,000 | 90% |
| 5. TD Bank | 775,000 | 250,000 | 525,000 | 210% |
| 6. Citi | 1.0 mil | 500,000 | 500,000 | 100% |
| 7. Bank One | 650,000 | 200,000 | 450,000 | 225% |
| 8. Royal Bank | 650,000 | 250,000 | 400,000 | 140% |
| Total | 10.7 mil | 3.5 mil | 7.2 mil | 210% |
*see notes under Table 1
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