Wingspan Bank: Difference between revisions

WingspanBank
Company type	Public
Industry	Finance and Insurance
Founded	1999
Headquarters	Wilmington, Delaware
Key people	Jim Stewart, CEO; Bill Wallace, CIO; Jeff Unkle, VP Corporate Affairs
Products	Financial services
Owner	Bank One
Website	http://www.wingspanbank.com/

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Latest revision as of 07:11, 14 August 2024

Wingspan Bank (branded as Wingspanbank.com) was a U.S. bank operating solely via the Internet from 1999 to 2001. It was a wholly owned subsidiary of Bank One. The CEO was Jim Stewart, previously of the parent bank's First USA division.

The bank began operations on June 24, 1999, with the marketing slogan "If your bank could start over, this is what it would be." An aggressive online marketing campaign was carried out to promote the bank, which also received wide coverage in mainstream financial press. The venture also benefited from its parent's existing marketing agreements with major web portals such as America Online, MSN, and Excite. A marketing agreement was also entered into with then-major search engine/portal Lycos. An additional incentive was the promise of a $100 reward to the first 10,000 customers. There was also an introductory 10% interest for a short period when opening a new checking account.

Despite being owned by Bank One, an existing brick and mortar banking institution based in Chicago, Wingspan was branded wholly separately and with minimal acknowledgment of the relationship. As a result, Wingspan's online-only operation effectively competed with Bank One's own online presence, particularly as the online bank's lack of physical presence allowed it to provide better fees and rates for customers. The bank provided most traditional financial services from interest-bearing checking accounts to credit cards, Individual Retirement Accounts and HELOCs. It also provided bill pay, with on-time payment guarantee, although the payment was physically done via the bank mailing a check to the payee in most cases.

The lack of physical presence was ultimately a negative for the bank. While customers were able to use Bank One ATMs for free, they could not use any physical bank branches. Non-electronic deposits had to be made via postal mail. The bank refunded up to $5 in ATM fees per month for customers not living in Bank One's footprint.

By September 2001, Bank One discontinued the Wingspan brand and rolled the online bank's customers into Bank One's existing online service as regular account holders. The parent company cited the online bank's inability to attract a sufficient number of customers as the reason for its closure. The reintegration of Bank One's online venture followed a similar action by Citibank with its Citi/fi brand, and other online banks such as Telebank merged with or entered into service agreements with physical banks.

CEO Jim Stewart left Wingspan in late 1999 to form Juniper Financial.

References

WingspanBank (1999-12-01). "Wingspan Bank presents Wingspan Product Management Group". LiveWorld.
Jim Bruene (1999-06-05). "Bank One Unleashes the First Net Banking Powerhouse". NetBanker.com.
Candee Wilde (1999-10-18). "WingspanBank.com Reinvents Online Model". Information Week.
Maria Trombly (2000-09-25). "Bank One's Wingspan Fails to Take Off Online". ComputerWorld.
Erin Schlough (2000-05-25). "First USA Founder and Former Wingspan CEO Team With Top Banking Industry Veterans to Form Juniper Financial". Spark PR.
Megan Barnett (2000-05-15). "Broken Wing". Industry Standard.
Los Angeles Times (2001-06-29). "Bank One to Shutter WingspanBank.com". Bloomberg News.

@@ Line 1: / Line 1: @@
-{{Orphan|date=February 2009}}
 {{No footnotes|date=April 2009}}
+{{Infobox company
-{{Infobox_Company |
-  company_name   = WingspanBank|
+| name   = WingspanBank
-  company_logo   = [[Image:Wingspan Bank Logo.png|WingspanBank Logo]] |
+| logo   = [[Image:Wingspan Bank Logo.png|WingspanBank Logo]]
-  company_type   = [[Public company|Public]]|
+| type   = [[Public company|Public]]
-  foundation     = 1999|
+| founded = 1999
-  Launch Date    = June 24, 1999|
+| location       = [[Wilmington, Delaware]]
+| key_people     = Jim Stewart, CEO<br>Bill Wallace, CIO<br>Jeff Unkle, VP Corporate Affairs
-  location       = [[Wilmington, Delaware|Wilmington]], [[Delaware]] |
+| owner          = [[Bank One]]
-  key_people     = Jim Stewart, CEO<br>Bill Wallace, CIO<br>Jeff Unkle, VP Corporate Affairs|
-  owner          = [[Bank One]] |
+| industry       = [[Finance and Insurance]]
-  industry       = [[Finance and Insurance]]|
+| products       = [[Financial services]]
+| homepage       = http://www.wingspanbank.com/
-  products       = [[Financial Services]]|
-  homepage       = http://www.wingspanbank.com/ |
-  slogan         = If your bank could start over, this is what it would be.
 }}
-'''Wingspan Bank''' was a U.S. [[bank]] operating solely via the [[Internet]] from 1999 to 2000. It was a wholly owned [[subsidiary]] of [[Bank One]]. The CEO was [[Jim Stewart]], previously of the parent bank's [[First USA]] division.
+'''Wingspan Bank''' (branded as '''Wingspanbank.com''') was a U.S. [[bank]] operating solely via the [[Internet]] from 1999 to 2001. It was a wholly owned [[subsidiary]] of [[Bank One]]. The [[Chief executive officer|CEO]] was Jim Stewart, previously of the parent bank's [[First USA]] division.
-The bank began operations in June 1999, with the marketing slogan "If your bank could start over, this is what it would be." An aggressive online marketing campaign was carried out to promote the bank, which also received wide coverage in mainstream financial press. The venture also benefited from its parent's existing marketing agreements with major web portals such as [[America Online]], [[MSN]], and [[Excite]]. A marketing agreement was also entered into with then-major search engine/portal [[Lycos]]. An additional incentive was the promise of a $100 reward to the first 10,000 customers.
+The bank began operations on June 24, 1999, with the marketing slogan "If your bank could start over, this is what it would be." An aggressive online marketing campaign was carried out to promote the bank, which also received wide coverage in mainstream financial press. The venture also benefited from its parent's existing marketing agreements with major web portals such as [[America Online]], [[MSN]], and [[Excite (web portal)|Excite]]. A marketing agreement was also entered into with then-major search engine/portal [[Lycos]]. An additional incentive was the promise of a $100 reward to the first 10,000 customers. There was also an introductory 10% interest for a short period when opening a new checking account.
-Despite being owned by Bank One, an existing [[brick and mortar]] banking institution in the Chicago area, Wingspan was branded wholly separately and with minimal acknowledgment of the relationship. As a result, Wingspan's online-only operation effectively competed with Bank One's own online presence, particularly as the online bank's lack of physical presence allowed it to provide better fees and rates for customers. The bank provided most traditional financial services from interest-bearing checking accounts to credit cards, [[Individual Retirement Account]]s and [[HELOC]]s. It also provided bill pay, with on-time payment guarantee, although the payment was physically done via the bank mailing a check to the payee in most cases.
+Despite being owned by Bank One, an existing [[brick and mortar]] banking institution based in [[Chicago]], Wingspan was branded wholly separately and with minimal acknowledgment of the relationship. As a result, Wingspan's online-only operation effectively competed with Bank One's own online presence, particularly as the online bank's lack of physical presence allowed it to provide better fees and rates for customers. The bank provided most traditional financial services from interest-bearing checking accounts to credit cards, [[Individual Retirement Account]]s and [[HELOC]]s. It also provided bill pay, with on-time payment guarantee, although the payment was physically done via the bank mailing a check to the payee in most cases.
-The lack of physical presence was ultimately a negative for the bank. While customers were able to use Bank One [[Automated teller machine|ATM]]s for free, they could not use any physical bank branches. Non-electronic deposits had to be made via [[postal mail]]. The bank refunded up to $5 in ATM fees per month for customers not living near Bank One locations.
+The lack of physical presence was ultimately a negative for the bank. While customers were able to use Bank One [[Automated teller machine|ATM]]s for free, they could not use any physical bank branches. Non-electronic deposits had to be made via [[postal mail]]. The bank refunded up to $5 in [[Automated teller machine|ATM]] fees per month for customers not living in Bank One's footprint.
-By September 2000, Bank One discontinued the Wingspan brand and rolled the online bank's customers into Bank One's existing online service as regular account holders. The parent company cited the online bank's inability to attract a sufficient number of customers as the reason for its closure. The reintegration of Bank One's online venture followed a similar action by [[Citibank]] with its Citi/fi brand, and other online banks such as [[Mitch_Caplan#Telebank|Telebank]] merged with or entered into service agreements with physical banks.
+By September 2001, Bank One discontinued the Wingspan brand and rolled the online bank's customers into Bank One's existing online service as regular account holders. The parent company cited the online bank's inability to attract a sufficient number of customers as the reason for its closure. The reintegration of Bank One's online venture followed a similar action by [[Citibank]] with its Citi/fi brand, and other online banks such as [[Mitch Caplan#Telebank|Telebank]] merged with or entered into service agreements with physical banks.
 CEO Jim Stewart left Wingspan in late 1999 to form [[Juniper Bank|Juniper Financial]].
@@ Line 35: / Line 32: @@
 ==References==
 * {{cite web|url=http://www.liveworld.com/transcripts/WingspanBank/12-01-1999.1-1.html|title=Wingspan Bank presents Wingspan Product Management Group|author=WingspanBank|work=LiveWorld|date=1999-12-01}}
-* {{cite web|url=http://www.netbanker.com/wingspan_bank/|title=Bank One Unleashes the First Net Banking Powerhouse|author=Jim Bruene|work=NetBanker.com|date=1999-06-05}}
+* {{cite web|url=http://www.netbanker.com/wingspan_bank/|title=Bank One Unleashes the First Net Banking Powerhouse|author=Jim Bruene|author-link=Jim Bruene|work=NetBanker.com|date=1999-06-05}}
 * {{cite web|url=http://www.informationweek.com/757/wingspan.htm|title=WingspanBank.com Reinvents Online Model|author=Candee Wilde|work=Information Week|date=1999-10-18}}
 * {{cite web|url=http://www.computerworld.com/industrytopics/financial/story/0,10801,51189,00.html|title=Bank One's Wingspan Fails to Take Off Online|author=Maria Trombly|work=ComputerWorld|date=2000-09-25}}
 * {{cite web|url=https://www.juniper.com/app/ccsite/about/press/pr_24May2000.jsp|title=First USA Founder and Former Wingspan CEO Team With Top Banking Industry Veterans to Form Juniper Financial|author=Erin Schlough|publisher=Spark PR|date=2000-05-25}}
 * {{cite web|url=http://theindustrystandard.com/article/0,1902,14667,00.html|title=Broken Wing|author=Megan Barnett|work=Industry Standard|date=2000-05-15}}
+* {{cite web|url=https://www.latimes.com/archives/la-xpm-2001-jun-29-fi-16424-story.html|title=Bank One to Shutter WingspanBank.com|author=Los Angeles Times|work=Bloomberg News|date=2001-06-29}}
 [[Category:Banks based in Delaware]]
+[[Category:Online financial services companies of the United States]]
-[[Category:American websites]]
-[[Category:Online retail companies of the United States]]
 [[Category:Banks established in 1999]]
-[[Category:Companies based in New Castle County, Delaware]]
+[[Category:Companies based in Wilmington, Delaware]]
+[[Category:1999 establishments in Delaware]]
+[[Category:Defunct banks of the United States]]

Latest revision as of 07:11, 14 August 2024

See also

References