Online Banking hits Philadelphia by storm with Intuit's BankNOW

Business Wire, Dec 10, 1996

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Dec. 10, 1996--

Local users confess that banking online is as easy as one...two...click

Mrs. Nancy Soffin of Lafayette Hill, Pa. has recently discovered the ease and convenience of paying her bills and checking her account balance -- on a single screen -- right from her computer. For the past two months, Soffin has been among the first in Pennsylvania to use Intuit's BankNOW software on America Online (AOL).

BankNOW is online banking software created by Intuit Inc., the makers of Quicken, expressly for personal computer (PC) users who don't use personal financial management software such as Quicken, and who want to do their banking quickly, so they can spend time doing other things.

In Pennsylvania, CoreStates Bank and Mellon Bank offer BankNOW on AOL. The BankNOW software is free to these financial institutions' customers, who can download it from their financial institution's site in the AOL Banking Center or from the BankNOW site (Keyword: BankNOW) on AOL.

"I am able to write checks, transfer money, and check my account status as easy as one-two-three," says Soffin. "The best part is that as I write checks or transfer money, I can see the impact on my account balance all on a single screen."

Changing the Face of Banking as We Know It

No more waiting in line at the teller. With BankNOW, customers are able to conduct a wide variety of transactions directly from their PCs -- from seeing checking account balances and which checks have cleared, to transferring funds and scheduling payments in advance -- all with speed, personal security, and ease of use. Users can also stay on top of their balance by seeing the effect of uncleared checks or ATM transactions on their balance. In addition to these features, users can have payments sent anywhere in the U.S. at the stroke of a key, without having to address envelopes and mail checks.

"One of the best things is that now I can't forget to pay my mortgage, because I can sit down at any time, program in the date I want to pay next month's mortgage, and the bill is paid on time," adds Soffin. "You can't do that with a checkbook."

BankNOW uses multiple layers of security so users can bank online with confidence. This includes state of the art encryption technology to protect transactions sent between their PC and their financial institution, and other security measures such as personal identification numbers (PINs), which are set and known only to the user to protect access to their account data.

"The power of BankNOW lies in the fact that consumers are now able to conduct a variety of online banking transactions easily, from the convenience of their home or office," said Eric Dunn, senior vice president of Intuit. "Together with the financial institutions and AOL, BankNOW provides the tools to enable users to bank their way."

Intuit Inc., makers of Quicken, is the world leader in the creation of powerful but easy to use personal finance, small business accounting and tax preparation software and services that enable individuals, professionals and small businesses to better manage and organize their financial lives. Through partnerships with many of the nation's leading financial institutions, Intuit offers its customs online financial services and investment information.

Intuit's web site, the Quicken Financial Network (http://www.qfn.com), is the online source for Intuit customers, offering information about investments, banking and insurance services, business and financial news and information, online stock quotes, Intuit product information and technical support. Additional information about BankNOW can also be found on the Quicken Financial Network.

Together with financial institutions, Intuit delivers a growing family of online services and information including online banking and payment; NETWorth, providing mutual fund information on the Internet; Investor Insight, giving powerful news and information to individuals investors; and Quicken InsureMarket, a service linking consumers with major national insurance carriers and providing information, real-time quotes and online insurance purchasing.

Intuit and Quicken are registered trademarks of Intuit Inc. BankNOW, QFN and NETworth are trademarks of Intuit Inc. or one of its subsidiaries. All other trademarks are property of their respective owners.

CONTACT: Manning, Selvage & Lee

Barbara Palazzolo, 810/988-8749