CompuBank
Encyclopedia
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
, mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
banking, business finance and providing ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
and merchant processing services. CompuBank was founded in 1998 by banking veteran Frank Goldberg and launched on the internet in early October the same year. It was one of the pioneers of the Internet banking
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
industry, and recognized as one of the first internet-only banks.
Headquartered in Suite in Suite 215 in 2 Greenway Plaza East, Houston
Houston, Texas
Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
, CompuBank was third internet-only bank, and the first American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
nationally chartered as a national bank by the Office of the Comptroller of the Currency
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
operating solely on the internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
. The previous two Net-only banks, Security First Network Bank
Security First Network Bank
Security First Network Bank was the first pure Internet bank in the United States. It was founded in Pineville, Kentucky in October 1995. Several months later, the bank relocated to Atlanta, Georgia....
(SFNB) and NetBank
NetBank
NetBank, formerly named Atlanta Internet Bank and Net.B@nk , was a financial company engaged primarily in retail banking, mortgage banking, business finance and providing ATM and merchant processing services. NetBank was founded in February 1996 and completed its initial public offering of stock...
(formerly Atlanta Internet Bank), used thrift charters
Savings and loan association
A savings and loan association , also known as a thrift, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans...
. CompuBank offered a variety of depository products and services including: basic checking, interest checking, savings, money market accounts, certificates of deposits, visa check cards, direct deposit and transfers, free domestic wire services, online check re-order, free bill payment and free ATM services.
Compubank was launched in late 1998. After a tough start with an amateurish web site which was basically a site map plus four buttons, the bank tried to remake itself into a small business bank. However, the bank run into difficulties due to its the lack of loan products, and was acquired by NetBank
NetBank
NetBank, formerly named Atlanta Internet Bank and Net.B@nk , was a financial company engaged primarily in retail banking, mortgage banking, business finance and providing ATM and merchant processing services. NetBank was founded in February 1996 and completed its initial public offering of stock...
in early 2001.
External links
- CompuBank (Archive)