Security First Network Bank
Encyclopedia
Security First Network Bank was the first pure Internet
bank in the United States. It was founded in Pineville, Kentucky
in October 1995. Several months later, the bank relocated to Atlanta, Georgia.
It was initially established as a savings bank
along with a wholly owned software company (Security First Technologies). Eventually teller services were added in Atlanta. Royal Bank of Canada
(RBC) acquired the banking portion of the Security First while the software development company was spun off as S1 Corporation. RBC subsequently acquired Centura Bank of North Carolina, rebranded the online banking segment as RBC Centura, and made several adjustments to customer terms of service at that time.
Before Security First, some banks had experimented with a variety of schemes for providing online banking. Usually this involved some kind of token that was placed in an account that could only be used on the Internet. The tokens were not protected by the Federal Deposit Insurance Corporation
.
Security First allowed direct access to accounts, bill payment and the viewing of check images, all of which are commonplace today.
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
bank in the United States. It was founded in Pineville, Kentucky
Pineville, Kentucky
Pineville is a city in Bell County, Kentucky, United States. The population was 2,093 at the 2000 census. It is the county seat of Bell County. It is located on a small strip of land between the Cumberland River and Pine Mountain.-History:...
in October 1995. Several months later, the bank relocated to Atlanta, Georgia.
It was initially established as a savings bank
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...
along with a wholly owned software company (Security First Technologies). Eventually teller services were added in Atlanta. Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
(RBC) acquired the banking portion of the Security First while the software development company was spun off as S1 Corporation. RBC subsequently acquired Centura Bank of North Carolina, rebranded the online banking segment as RBC Centura, and made several adjustments to customer terms of service at that time.
Before Security First, some banks had experimented with a variety of schemes for providing online banking. Usually this involved some kind of token that was placed in an account that could only be used on the Internet. The tokens were not protected by the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
.
Security First allowed direct access to accounts, bill payment and the viewing of check images, all of which are commonplace today.
External links
- S1 - as Security First Technologies is now titled.
- Profits swirl around Security First Network Bank
- http://www.thefreelibrary.com/America's+First+Bank+on+the+Internet,+Security+First+Network+Bank,...-a017645199