CompuServe ramps up online banking services

CompuServe has announced that a US bank, Beneficial National, will become part of its online banking centre to allow members to apply for personal loans using the CompuServe service.

CompuServe has announced that a US bank, Beneficial National, will become part of its online banking centre to allow members to apply for personal loans using the CompuServe service.

Last week, the company announced that Security First Network Bank would become the first online bank to be included in the banking centre (Go banking) and vowed to continue adding banks to its service.

"We had two or three other banks lined up to be announced today, but they rescinded their announcements at the last minute, but we do expect to have more announcements in the coming weeks," says Gail Withcamb, a CompuServe spokesperson.

Beneficial will allow CompuServe members to complete loan applications for amounts up to US$10,000 and receive approval decisions within minutes. If a loan is approved, the loan cheque is sent to the individual within several days through postal mail.

The company is currently exploring other possibilities with Beneficial, including online real estate loan applications, credit-related insurance products and a credit card.

CompuServe members who sign up for the Security First services may open accounts, pay bills electronically, purchase certificates of deposit, view account balances and browse digital images of cleared checks, with other CompuServe-specific services in development, according to Withcamb.

CompuServe, based in Columbus, Ohio, can be reached on the World Wide Web at http://www.compuserve.com.

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