Products and Services
Deposit Products and Services. We offer a variety of deposit products at attractive interest rates in order to build our customer base. We are able to offer attractive interest rates as a result of our low operating costs. We also seek to attract customers by offering convenient services such as free electronic bill payment, and ATM/debit cards. Our on-line deposit products and services include:
Deposit Products. We offer an interest-bearing checking account, a statement savings account and several fixed term certificates of deposit.
Bill Payment Service. Through services provided by EDS, customers can pay their bills on-line through electronic funds transfer or a written draft prepared and sent to the creditor. We do not charge a fee for this service.
Overdraft Protection. If a customer has both an interest checking account and a statement savings account, we will automatically establish overdraft protection between those accounts.
ATM/Debit Cards. Each customer automatically receives an ATM card when he or she opens an account with vBank. We do not charge our own fee for ATM usage, but fees are generally imposed by the operator of the ATM. vBank will reimburse ATM surcharges incurred at facilities charging $2.00 or less per transaction for up to five ATM transactions per monthly statement cycle. Debit cards carry the MasterCard logo.
Lending Programs. To generate fee income and provide a convenient service to our customers, we offer on-line loans and credit cards as described below.
Mortgage Loans. Our Website enables customers to obtain interest rate quotes and apply for mortgage loans on-line. We have an agreement with Low Cost Loans, whereby we act as a loan originator on behalf of Low Cost Loans.
Credit Cards. We offer our customers Visa credit cards issued for no annual fee. We are paid a fee for each cardholder referred through our Website. Customers can apply for these credit cards on-line.
Non-banking Financial Services. To serve as a single convenient source for the financial services needs of Internet users and to generate additional non-interest income, we offer non-banking financial services designed to attract and retain customers. These services include on-line trading through USACapital, Inc., our wholly-owned broker-dealer subsidiary. Customers can purchase securities without writing checks to their brokers, as trading fees are automatically deducted from their checking or money market accounts with vBank. Investment proceeds are automatically deposited into the customer's deposit account with vBank. We provide customers 24-hour on-line access, real-time quotes, low commissions and a professional brokerage staff.
Future Products and Services. To generate additional interest and fee income and enhance customer convenience, in the future we plan to introduce a variety of new products and services. Future products and services may include insurance products, commercial and consumer lending, cash management accounts, installment loans, business equipment leasing, timely search and retrieval services through our Website and various other products and services. |
