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Visa To Issue Official E*TRADE Card

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Posted October 12, 2001 By Michael Singer     Feedback

Credit or debit card lets customer tap right into either their E*TRADE brokerage or banking accounts and make withdrawals, find out their balance of transfer funds.

It's the largest branchless bank in the country and they don't even issue a credit card or debit card - that is until now.

E*TRADE Bank, part of E*TRADE Group (NYSE:ET), Wednesday inked a deal with San Francisco-based Visa U.S.A. and Visa DPS (the company's debit division) to issue the first official E*TRADE card.

The card can be used by customers for access to E*TRADE Bank and E*TRADE Securities, Inc. brokerage accounts.

Menlo Park, Calif.-based E*TRADE says it should be able to upgrade about half of its ATM network to accept the new cards in the next twelve to eighteen months.

The cards should be even more accessible with the addition of some 22 additional kiosks at Super Target Stores.

Under the agreement, E*TRADE cardholders will continue to have access to Visa's worldwide network of 22 million merchant locations. E*TRADE says it plans to build awareness of customer benefits through a co-branded marketing campaign with Visa U.S.A.

Customers using E*TRADE ATMs can make withdrawals, request balance inquiries and transfer funds from and between E*TRADE Bank and E*TRADE Securities accounts.

E*TRADE Bank reportedly has more than $12.7 billion in assets, more than $7.7 billion in deposits and close to 435,000 customer accounts as of June 30, 2001.

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