Many Internet banks have discovered that they are using any savings in “brick and mortar” operating costs to pay “bounties”, or fees, to other Internet sites that refer new customers and to operate call centers to field the customer inquiries that invariably arise.
In the months thereafter, the curve steepened and reached a new high in September 2013, before flattening again, in particular as a consequence of the November rate cut, which has effectively strengthened our forward guidance by following up on our communication when it was warranted by circumstances.