Online Banks Can Offer Value And Convenience

Saturday, March 1, 2003

Online Banks Can Offer Value And Convenience (NAPSA)—What was introduced to consumers as an easier way to do banking is becoming a more profitable way as well. Online banks are not encumbered with the high costs associated with branch locations and old computer systems. They use the latest technology to slash operating costs and to pass the value back to customers with premium rates, and low or no fees. They also provide customers with the means to manage their accounts anytime and from anywhere while offering a strong level of support. One online bank has rapidly becomethe nation’s largest branchless bank and the 7th largest OTSregulated federal savings bank based on assets. Called E*TRADE Bank, it offers interest rates on checking, savings, money market and CD accounts around a percentage point higher than the national average. In addition, customers can receive unlimited access to their cash nationwide through any ATM forfree. This way customers have the flexibility to withdraw cash from any of the bank’s 15,000 ATMs—the second largest nationwide network—or through any ATM outside of the network. Customers with a securities brokerage account can transfer money instantly between their accounts. This allows them to keep their funds in a high interest paying checking account until they are ready to makean investment. They can then immediately transfer the money and execute a trade, buy mutual fund shares or invest in a 529 college savings plan. Online banks use technology to slash operating costs and to pass the value back to customers with premium rates, and low or no fees. Customers can also pay their bills or send checks to anyone in the country online. Through online check imaging, they can access full size images of checks that have been processed over the previous twoyears. The companyalso offers aroundthe-clock customer service every day of the year via telephone. It also allows customers to fund their bank accounts through the mail, direct deposits, wires, ACH trans- fers, and ATMs. Traditional banks have also launched online banking initiatives, but many find it difficult to compete on value and flexibility due to their higher cost structures and antiquated systems. As a result, consumers are no longer limiting themselves to their local branch bank. Instead they are turning in greater numbers to online banking to take advantage of superior rates, better values and a unique customerexperience. To learn more, visit the Web site at www.bank.etrade.com.

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