E*Trade creates virtual bank for Oracle

E*Trade creates virtual bank for Oracle

E*Trade has created a customised virtual bank for employees of Oracle Corporation.

The new channel, operated by E*Trade's banking subsidiary, will aim to provide Oracle staffers with a suite of customised products and services over a co-branded portal site.

A key feature of the service is an E*Trade Access ATM with deposit-taking functionality that has been installed on Oracle's Redwood Shores campus. The cash machine will provide Oracle employees who open an E*Trade Bank account free cash withdrawals and deposits as well as other no-fee services.

Mitchell Caplan, chief banking officer of E*Trade Group, says the idea of customised banking channels will be actively promoted to the firm's 3600 corporate clients in the US. "These virtual banking partnerships will open the door to gaining greater market share by providing a direct and personalised link to more than 1 million individual investors nationwide."

He says the new channel strategy signals a first step in the company's plans to launch a virtual credit union.

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