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Better & cheaper online banking is more transparent and fair.

Better & cheaper online banking is more transparent and fair.

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  • 1. October 2009 iBankUP The Power of a Bank Account in One Card
  • 2. Where we’re coming from …
    • UPside Visa Prepaid Cards Payment-enabling the 13-25 demographics
      • Teens
      • College students
    • iBankUP The Power of a Bank Account in One Card
      • Young adults
      • … and anyone fed up with their bank
    4000 GOOD THRU 03/10 DEBIT CARDHOLDER NAME 4000 0000 0000 0000
  • 3. Motivations
    • Everyday money management needs are simple:
      • Deposit salaries (direct deposit) and tips (cash)
      • Stay on top of available money easily and accurately
      • Spend responsibly with card, cash and the occasional check
    • Nobody is providing “Millenials” (those born after 1980) with simple, transparent and fair everyday banking
      • “ Web 2.0”, Wesabee, Yodlee,.. are really nice front-ends on top of legacy services
      • Banks are mostly busy inventing ways around the Card ACT
    • This can be done at low cost by being lean and operating as an online pure-play
  • 4. What Millenials Need Like: Cash, Credit/Debit Cards Checking Student Loans, Car Loans Cash, Gift Cards Checking & ATM cards With Banks, Card Issuers, School Funds, Parents, Employers Banks for 20% via parent Parents Part-time employers Supplied by Medium-term tangibles Short-term tangibles Save for Subsistence Entertainment Car Shared rent Subsistence Entertainment Pay for Schools & Govt. (scholarships) Parents Jobs Parents & Family Part-time-jobs Collect from Dislike: 18-29 13-17
  • 5. What iBankUP delivers Online service based on a Prepaid Card and “Virtual Checkbook” Cash, Credit/Debit Cards Checking Student Loans, Car Loans With Coming Soon… Medium-term tangibles Save for Everywhere Visa debit accepted Cash from Visa & Interlink ATMs On-demand paper checks Subsistence Entertainment Car Shared rent Pay for Direct-to-card payouts Bank Transfers Direct Deposit & Cash Deposit Schools & Govt. (scholarships) Parents Jobs Collect from iBankUP 18-29
  • 6. What’s the Difference?
    • For everyone (with a valid SSN):
      • No verification of credit-record
      • No need for an existing bank relationship
      • No minimal deposit to get started
    • More Transparent:
      • Reliable balance takes everything into account: no pending un-cashed checks or unsettled transactions
      • Balance accessible via web, cell phone and Facebook
    • Lower Cost than any other product today:
      • No set up fees, no closing fees, no overdraft fees, no direct-deposit fees, no bank transfer fees
      • Can be operated at $0 fees if used for handling >$300/month
  • 7. Compared with other cards…
    • * Cost based on 2 ATM withdrawals, 10 purchase transactions, and 2 direct deposits per month
    $59.64 $87.00 $186.75 $227.00 $177.35 Total cost for first year* None - $1.00 $1.00 - Fee per purchase transaction $1.49 $2.00 $1.95 $2.00 $2.00 ATM withdrawal fee None - - - - DDA load fee None - - - - Yearly fee $1.99 $3.00 - $4.95 $9.95 Monthly fee None $3.00 $19.95 - $9.95 Activation fee Life Classic plan Fee Advantage Plan UPside Card Wal-Mart MoneyCard Rush Card Account Now All Access Card
  • 8. … and checking accounts Yes N.A. No Available on Facebook ® $2 N.A. Usually $20 Decline fee None if paid with card + one free check per month (stamp included!) Up to $10 fee. Usually free Paying Bills Online Free Direct Deposit or ACH. Up to $20 for check cashing. Up to $10 for incoming transfers. Incoming Transfer fee or Check cashing $1.99 N.A. Up to $18 (Usually based on minimum balance). Monthly fee Yes If you have time, you can count your cash… No Up-to-the minute balance tracking iBankUP No Bank Account Bank Account Account
  • 9. Virtual checking
    • Log in dashboard
    • Select “Write a Check”
    • Fill out form
      • Name of payee
      • Amount
      • Address
    • Verify & Submit
    • The check is produced and mailed out on your behalf
    a.k.a checking without a checkbook
  • 10. - October 2009