The US market's latest Internet-only operator DeepGreen Bank went live today, offering an online home equity line of credit programme and a new loan product -DeepGreen QuickCash - that can wire up to $15,000 to a customer's account in as little as 20 minutes, based solely on an electronic signature.
The new bank says it will operate without any brick and mortar operations in 50 states. The bank's initial product offerings will be home equity credit lines (available in 46 states initially) and high-yield, flexible CDs. Additional online financial products, including home mortgages, will be added shortly, the company says.
"Analysts predict 25 percent of American adults will be banking online by 2002. With this kind of growth, there is room for a resource like DeepGreen that will cater to the sophisticated banking needs of today's Internet consumers," says Jerome Selitto, DeepGreen Bank CEO.
"We have made a significant investment in building an intelligent and totally electronic application and fulfillment process at DeepGreen Bank," he continues. "Our system eliminates the need for appraisals, verifications or follow-up phone calls, emails or faxes. The application is submitted and the unconditional answer is given in less than two minutes, with no additional documentation required. Unlike most Internet banks, DeepGreen completes the transaction online; we don't turn you over to a loan officer or telemarketer."
DeepGreen Bank is a subsidiary of Third Federal Savings and Loan Association of Cleveland. The board of directors of the Cleveland-based operation includes former comptroller of the currency Eugene Ludwig and former FDIC chairman William Seidman.