How Internet Banking Institutions Are Set Up


Consider all the internet banking institutions available for business. Some are set up by large corporations and some are small companies. Although you may never want to set up an internet banking operation yourself, it is enlightening to take a look at the process.

The first order of business is to gather a group of at least five people to organize the internet banking company. These people will be on the board of directors, and one of them should be the CEO of the bank. The five or more people will be intensely involved together to form working procedures of the bank.

After the group is brought together, they must choose a name for their internet banking company. They have to be very picky when it comes to their name. They will want the name to be easy to remember. It should be catchy and have a nice ring to it.

Another consideration with the name is making it original. Getting a name that can also be used as a domain name is preferable. Also, the name must pass strict guidelines as to its similarity to other banks and internet banking institutions if it is too similar, the bank founders will not be able to obtain a trademark for it.

To get a name trademarked, they simply have to go to the US Patent and Trademark Office. There is just one form to fill out. They submit it with a fee and wait for approval. Sometimes, they have to make a case for their trademarked name. This is done through emails. If all goes well, the internet banking name will soon be theirs.

The group of investors can now go to web-hosting services and set up a website that can be accessed publicly. To make the website, professionals are needed. The website is, as far as the consumer is concerned, the heart of the internet banking business.

The professional website designer should design an internet banking site with the highest level of security. This includes such features as 128-bit encryption, secure socket layering, and adequate firewalls.

For the consumer's preference in use, there are other considerations in making an internet banking website as well. It should be eye-catching to bring in the most customers. It should also be easy to get around the website. Another consideration is copyright infringement. It must be ascertained that nothing is directly copied onto the website.

The group now forms its charter. It must apply for an internet banking charter through the Office of the Comptroller of Currency (OCC). This is a lengthy process and involves a huge amount of paperwork and information.

Another way is to take over stock in an existing bank and put in a change of charter with the OCC. In any case, the OCC will give the board of directors advice on how to best submit their application for the charter of their internet banking operation.

The OCC evaluates all the information the internet banking partners have put together about their financial situation and their proposed banking policies. Then, if the OCC grants a charter, the bank is ready to open its virtual doors.






Further Reading

Advantages Of Internet Banking
Books On Internet Banking
Getting Insurance Through Internet Banking Institutions
Getting Loans Through Internet Banking
How Internet Banking Institutions Are Set Up
How To Confirm An Internet Banking Company Is Legitimate
How To Deal With Cash When Using Internet Banking
How To Increase Your Internet Banking Security
How To Keep Your Internet Banking Account In The Black
How To Pay Bills Through Internet Banking Services
How To Prevent Internet Banking Fraud
How To Start Using Internet Banking
Internet Banking And Investing
Internet Banking And Privacy Policies
Internet Banking Research
Internet Banking Savings Accounts
Internet Banking With Virtual Banks
Internet Banking With Virtual Safe Deposit Boxes
Problems With Internet Banking
Security Measures Taken By Internet Banking Companies
Transferring Funds Through Internet Banking
Using Quicken For Internet Banking
What Is Internet Banking?
Why Some People Fear Internet Banking
Your Consumer Rights In Internet Banking






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