Net.B@nk.com(TM) Doubles Accounts in Five Months; 35,000 Netbanking with #1 Internet Bank for Customer Relationship Services
June 9, 1999 08:31 AM
ATLANTA, June 9 /PRNewswire/ -- Net.B@nk(TM), Member FDIC NTBK (http://www.netbank.com), the largest FDIC-insured bank operating solely on the Internet, has more than doubled its account base since January 1, 1999 from more than 17,000 to over 35,000, CEO D.R. Grimes announced today. Grimes attributed the growth to the success of the bank's new marketing and branding strategy, its high-yielding, low-fee deposit products and its superior customer service.
Net.B@nk launched a new advertising campaign in February, which highlights the cost savings Net.B@nk achieves as an Internet bank and how those savings are translated into high-yielding, low-fee deposit products for its customers. The bank's customer service was recently highlighted in a survey of online bank customers conducted by Gomez Advisors -- Net.B@nk ranked #1 for customer relationship services.
"Net.B@nk has clearly demonstrated that the Internet is a viable and widely accepted delivery channel for banking as we continue to experience unprecedented growth compared to traditional banks," said Grimes. "We set the standard for Internet banking by providing customers with a complete line of web-based products and services, giving customers the ultimate one-stop banking and financial services site."
Net.B@nk's unmatched NetValue Checking account, which bears 3.05% APY with no service charge and requires only $100 to open the account, is attracting a sizable number of new customers. As a pure Internet bank with no branches, Net.B@nk has dramatically lower costs and fewer employees than traditional banks. Net.B@nk has maintained its commitment to pass along those savings to its customers. Net.B@nk offers customers a compelling value with a well-rounded product line currently featuring FDIC-insured, interest-bearing deposit products, online bill payment, online mortgage services, and non-bank financial services, including online brokerage services and business equipment leasing. Later this year, Net.B@nk will offer home equity loans and automobile loans with real-time approvals, call center support, and fast closings. Net.B@nk also plans to roll out insurance products, online bill presentment and virtual safe deposit boxes.
"We are providing free, high-interest checking with unlimited online bill payment services, no monthly minimums and no monthly service charges -- not to mention unlimited account access 24 hours a day, 7 days a week," added Grimes. "Two-career families today have an increased need for convenience and cost savings and we are accommodating that as online banking grows."
Some industry analysts report that total U.S. online banking households almost doubled to 8 million during 1998 and project that number to nearly triple to 25 million by year-end 2001. As of March 31, 1999, Net.B@nk, Inc. reported $526 million in assets with $333 million in deposits. The company has been profitable for the past four successive quarters.
Net.B@nk, Inc. is a financial services company whose sole subsidiary, Net.B@nk, Member FDIC, is the first profitable Internet-only bank in the country, having achieved profitability in the past four successive quarters. With more than 35,000 accounts and customers in all 50 United States and 20 foreign countries, Net.B@nk is the largest FDIC-insured bank operating solely on the Internet. In addition to checking and money market accounts and certificates of deposits with exceptional interest rates, Net.B@nk offers its customers the ultimate convenience in banking. Products and services include account access any time, anywhere, free unlimited online bill payment, free unlimited ATM use, VISA(R) Check Card, VISA(R) and MasterCard(R) credit cards, online brokerage services, mortgage lending and business equipment leasing services. For more information on Net.B@nk, its products and services, visit the web site at netbank.com, or call 888-256-6932.
SOURCE Net.B@nk, Inc.
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