Net.B@nk Announces New Home Equity Lines with Low Start Rate and a Chance to Win $10,000
New Loan Center Offers 30-Second Approval, No Application Fee, No Closing Costs and No Annual Fees on Revolving Line of Credit with Low Introductory Rate
ATLANTA, Oct. 4 /PRNewswire/ -- Net.B@nk, Member FDIC (Nasdaq: NTBK - news), the nation's leading Internet bank, unveiled a major advertising campaign today promoting a new innovative equity line product now available to consumers nationwide at the bank's state-of-the-art online loan center, announced CEO D.R. Grimes. The new loan center at www.netbank.com offers home equity lines with an introductory rate of 4.99% APR -- one of the lowest start rates in the country. Also offering home equity loans, the center features a revolutionary ''30/7'' lending process, where applicants receive an answer within 30 seconds and, if approved, their money within as few as 7 days, for both lines and loans.
''Net.B@nk revolutionized the banking industry with high-interest and no- fee checking accounts,'' said Grimes. ''Now, we've created an unparalleled lending solution that offers the same value and convenience proposition we've always offered with our deposit products. Our new home equity line has no application fee, no annual fee, no closing costs, and a very attractive interest rate. It's one of the best retail lending deals available today with an application process that is incredibly convenient and simple.''
As part of the promotion, Net.B@nk is hosting an ''Automatic Sweepstakes,'' in which each person who submits a home equity line of credit application at www.netbank.com will be automatically entered into a random drawing for cash prizes. Net.B@nk will be giving away a total of $10,000. The Grand Prize winner will receive a $5,000 Certificate of Deposit and ten First Prize winners will each receive a $500 CD. To promote the campaign, Net.B@nk is running banner ads, targeted e-mails, and implementing various cross-sales efforts to its current customer base.
Net.B@nk's home equity lines are revolving credit lines secured by the applicant's home and as such, the money can be accessed again and again up to the applicant's credit limit. Net.B@nk's home equity loans are cash loans.
Net.B@nk, Inc. (Nasdaq: NTBK - news), is a financial services company whose sole subsidiary, Net.B@nk, Member FDIC, is the first profitable pure Internet bank in the country, having achieved profitability in the past five successive quarters. With more than 50,000 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 free 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 free online account access, free unlimited online bill payment, free checks, free unlimited ATM use, VISA Check Card, VISA and MasterCard credit cards, online brokerage services, mortgage lending, home equity lines and loans, and business equipment leasing services. Net.B@nk is member of the Cirrus, Honor/Star, and AFFN ATM networks. For more information on Net.B@nk, its products and services, visit the web site at netbank.com, or call 888-256-6932.
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Net.B@nk's business which are not historical facts are ''forward-looking statements'' that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward- looking statements, see ''Risk Factors'' in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
SOURCE: Net.B@nk, Inc.
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