RealTime IT News

E*Trade Creates Bank Portal

Online brokerage E*Trade Inc. Tuesday launched an online banking portal designed to integrate its brokerage services with common banking transactions.

E*Trade Bank is the result of the company's acquisition of Internet bank Telebank. The portal offers FDIC-insured features such as CDs, money market and savings accounts, unlimited online bill payment and E*Trade's (EGRP) investment and financial planning resources. Customers can link their bank accounts with their brokerage accounts for easy accessibility, the company said.

E*TRADE Bank is a component of the company's strategy to aggregate customer assets, diversify its revenue streams and maximize profitability, said Christos M. Cotsakos, chairman of the board and chief executive officer of E*TRADE Group.

"We believe E*TRADE Bank will establish a new standard for personal financial management worldwide, giving customers even more compelling reasons to consolidate a growing share of their assets at E*TRADE," said Cotsakos. "And when your mission is to put power and choice in consumers' hands, they respond with their consistent support and increasing business."

The company has in the works a plan to provide a nationwide network of Financial Service Kiosks through its acquisition of Card Capture Services, Inc., one of the nation's largest independent ATM networks.