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
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
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.