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Finally, you can use your bank in new ways, with a level of convenience you never thought possible. By reading this document, you can get answers to some of the common questions about banking with Security First Network Bank (SFNB).
- Who/What is Security First Network Bank (SFNB)?
- How is Internet banking different from online banking?
- Okay, you're not limited by time and space when using the Internet, but is it secure?
- Is SFNB's Internet Security really fool-proof?
- Hey, I'm with it. I appreciate the difference between online banking and banking with SFNB on the Internet. I also understand that SFNB is like any other bank. My question is, what do I get when I open an SFNB account?
- How does SFNB make money?
- What else will SFNB offer? Credit cards, business accounts, money market accounts?
- Can I contact someone if I have more questions?
- How does Tripod figure into all of this? You guys have a cool Web site and all, but what business do you have offering banking services?
Who/What is Security First Network Bank (SFNB)?
Security First Network Bank is the world's first FDIC insured bank to operate on the Internet. SFNB provides many of the same services as any existing "brick and mortar" bank in place today, except they offer the convenience and high-tech chic of operating in virtual space.
"Lots of banks are on the Internet now," you may say. "What makes these guys so special?"
Lots of banks are on the Internet. Big deal -- so is Wal-Mart. Very few of those banks with snazzy Web pages are actually allowing their customers to perform any transactions via the 'Net, and none are offering the breadth of services that SFNB does. SFNB is the world's only full-service bank located predominantly in cyberspace.
How is Internet banking different from online banking?
This is an important issue, and one that is often misunderstood. Banking with SFNB on the Internet is not the same as online banking. Internet banking means that:
- You do not have to purchase any software, store any data on your computer, back up any information, or wait months for new versions and upgrades, since all transactions occur at SFNB, over the infrastructure of the Internet.
- You can conduct your banking anywhere you have a computer (not necessarily your computer) and a modem - whether it's at home, at the office, or in a place outside the U.S.
- Your bank and the software you use to conduct your transactions are one and the same -- you are talking directly to the bank when you access your account. You can call/e-mail SFNB's customer service representatives 24 hours a day, 7 days a week, 365 days a year and ask software or bank related questions; they will answer them both. Therefore, you no longer have to reconcile a bank statement or manually track your ATM and paper checks. SFNB updates your statement daily and reconciles at the same time. Your electronic payments, paper checks, ATM/debit transactions, etc. are all automatically logged in for you, usually within 1-3 days from the actual transaction.
Online banking is the opposite -- you have to install a software package that resides on your computer. This limits you to doing your banking from only that computer, to making a call to access a separate network, to working with a separate software company and bank who limits their hours of operation. You get the idea -- less convenience, more potential headaches, and higher cost. This is the kind of convoluted process that scares many people away from computers -- SFNB offers the ease of use that comes with fully harnessing the potential of technology.
"Now wait just a minute," you may be thinking. "I spent a lot of time and energy learning to use my financial software. Am I going to have to trash the whole thing if I use SFNB?"
Not to worry. In fact, SFNB supports the exchange of information via .QIF files. Unlike Quicken and other popular software packages, however, you'll never need to upgrade when new bank features are added, because they're added on our end. Eventually, you may want to free up some of the hard drive space you've used for that software of yours, but we'll leave that up to you.
Okay, you're not limited by time and space when using the Internet, but is it secure?
Security is not the bank's middle name, it's SFNB's first name. SFNB uses the Hewlett Packard Virtual Vault developed by SecureWare, Inc. of Atlanta, Georgia. SecureWare has invested hundreds of man-and-woman-years developing security technologies with the Department of Defense. SFNB also has multiple layers of other security in place:
- Encryption between your computer and their systems
- A filtering router to verify outside-in transfers and stop inside-out attacks
- Most importantly, the Virtual Vault protects the bank server where all transactions take place. Among many other things, this platform has removed all root privileges in the server so no one can do any damage if they were to somehow find a way in. This layer is the critical element that is often overlooked, and SFNB is the only bank with this feature. This is important because despite the media's focus on Internet transactions most break-ins occur at the operating system level.
This technology is currently in use by the United States Government for handling highly sensitive information like the flight plans for the Stealth bomber. It has never been compromised.
Is SFNB's Internet security really fool-proof?
SFNB has no weak spots in the system itself. The most vulnerable point of attack is from users who leave their passwords and account numbers out and accessible. However, even here you are protected with SFNB since they cap movements of money from your account. Like other banks, your deposits at SFNB are FDIC insured, up to applicable limits (generally up to $100,000). SFNB doesn't stop with technical security. They will take any legal steps needed to monitor, locate, and prosecute anyone who attempts to compromise their banking systems.
"You talk the talk, but I walk the walk," the little hacker inside you may be saying. "I know a few things about computer security. Where can I find out a little more about this system? Or is it some big proprietary secret?"
This is your lucky day. We have a complete set of white papers on SFNB's security architecture. Go nuts.
A Basic or Interest Checking Account or Basic Savings Account at SFNB is just like the checking or savings account you currently have. However, the rates and convenience are better. All you need is a Social Security or Federal ID number and a U.S. address to open an SFNB account. Your SFNB Basic Checking Account includes:
- No minimum balance fees. Take it to zero if you want; it's free.
- 20 free electronic payments per month, more than ample for most people. Please note, an electronic payment is when you input into the SFNB system a company or person you want to pay (just like writing a check). SFNB will make certain that person is paid whether or not they accept electronic payments. If they do not accept electronic payments, SFNB will have a paper check mailed to them. There is NO CHARGE to you for the first 20 electronic payment requests made each month. Yes, SFNB covers the postage and check printing cost.
- A free ATM card with 10 free transactions a month; you only pay if another bank charges for the use of "foreign" cards. However, we have found in some cases, you can avoid all ATM charges by "withdrawing" money when using the card for debits (e.g., pay $50 for a $20 grocery purchase and receive $30 in cash from cashier, free of fees).
- If you qualify, a Debit card.
- The first 200 paper checks are free.
- Unlimited paper check writing privileges.
- Free pre-stamped and addressed envelopes for deposits. SFNB also accepts direct deposits, just like any bank.
- Telephone access to your account to get info and conduct certain transactions.
You also get the convenience of doing your banking anytime, anywhere you want -- without having to stuff envelopes, track ATM receipts, track paper checks, back up your data from your computer, pay for software, limit yourself to the computer where the software resides and so forth - all for FREE. What a deal.
An Interest Checking Account offers you even more.
If you don't think that Internet banking with SFNB is the securest, most efficient, economical way to bank on the Internet . . . then you can close your account at no cost to you. SFNB has made opening, managing, and closing your account completely hassle free.
SFNB appreciates that banking on the Internet is a new and major change, no matter how technically savvy you are. The bank is committed to making this change as painless as possible by, for example, offering the cost free approach outlined above. You may even want to keep your old account open while testing the benefits of SFNB. Once you realize the benefits of SFNB, we think you will close your old account.
SFNB seems to give a lot away! How do they make any money?
They're doing just fine, thank you. SFNB has a business model that is far more efficient than traditional banking models. They have a "footprint" that spans the entire U.S. through the Internet. Yet all of SFNB's Internet operations are located in Atlanta. A traditional bank would need to have fully staffed branches all over the country to achieve the same reach. As a result, SFNB operates more efficiently than a traditional bank and they can pass the savings onto their customers.
Subject to regulatory approval, SFNB also plans to offer brokerage, insurance, loans, and other financial services. Although they intend to generate fee revenue for these services, they anticipate the fees will still be lower than what is currently available to you. Because SFNB operates more efficiently, everyone benefits.
What else will SFNB offer? Credit cards, business accounts, money market accounts?
Money Market accounts, credit cards and certificates of deposit are available now. Commercial accounts are under development too. In the next year the bank will provide a "net worth solution" that encompasses all your financial needs on one screen. You will be able to get financial advice, trade through a broker, buy insurance, and much more.
Can I contact someone if I have more questions?
But of course. SFNB customer service representatives are available 24 hours a day, 7 days a week, 52 weeks a year. You can e-mail them at [email protected] or call 1-800-SFNB-321 (1-800-736-2321) and press 0.
This is not a recording. SFNB has live customer service representatives on duty at all times. They figure that if you want to bank at 3 a.m. on a Saturday, you ought to be able to get help at 3 a.m. on a Saturday. So much for "banker's hours"!
Excellent question, and thanks for the compliment. Tripod is many things to many people -- but we are not a bank. SFNB provides all of the financial services and customer support. We are offering this service to our members because we think it's an outstanding deal -- not to mention that it's just downright cool. We've tried it, and we like it. Tripod's mission is to provide "tools for life," and we have devoted an entire section to matters concerning work and money. Furthermore, we are constantly on the lookout for the best productivity software and technical advances that make everyone's life easier and more enjoyable. What better way to step up those commitments than by offering our members a chance to experience the savings and convenience of SFNB Internet banking?
Questions? Call 1-800-SFNB-321 or send e-mail to SFNB Support. SFNB Customer Service is available to assist you 24 hours a day, 7 days a week.
Copyright ©1995, 1996 Security First Network Bank and Tripod, Inc. All rights reserved.
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