Now Funds Can Fly Between Institutions
Financial Service Online (10/00) Vol. 5, No. 10 p.6; Makos, Jeffrey J.

In a bid to attract new customers, financial institutions have started offering account transfers. The service offers busy consumers the convenience and flexibility of shuttling their finances between various financial institutions. DLdirect, a Jersey City, N.J.-based unit of Donaldson, Lufkin & Jenrette (DLJ), sparked the trend in August with the launch of its DLJdirect Transfer Center. Using the Transfer Center, customers are able to transfer their assets from accounts with other financial firms into DLJdirect investor accounts. According to Blake Darcy, CEO of DLJdirect, the service's primary objective is to generate new customers while keeping old ones happy. Darcy says the company hopes the offer will serve as an incentive for customers "to switch to us." Following DLJ's lead is CoVest Banc of Des Plaines, Ill., which recently announced that it is in the process of developing a new service that will make it possible for its customers to perform account transfers.

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