eCharge Corporation Establishes eCharge Bank
eCharge Corporation has received regulatory approval from the Federal Deposit Insurance Corp. (FDIC) and bank regulators from the State of Utah to acquire an industrial loan charter from Fidelity Trust Company, a Fidelity Investments Company. The institution has been renamed eCharge Bank and is a wholly-owned subsidiary of eCharge Corp. eCharge Bank will support the stored value feature of the eCharge Net Account and has the ability to facilitate Automated Clearing House (ACH) transfers, obtain credit bureau reports, lend money and access Federal Reserves as well as process payments on behalf of merchants. For online merchants, the eCharge Net Account provides an opportunity to reduce fraud, charge-backs and transaction expenses, while capturing incremental business and enhancing customer service. Through its use of digital certificates and proprietary encryption technology, the eCharge Net Account guarantees both merchants and consumers against fraudulent transactions.