Online Banking

How Online Banks are Set Up Even though you may not have any plans to set up an online banking operation of your own, you may find it interesting to know how it is done. First you'll want to get a group of at least 5 people to organize the online banking company. These people will become the board of directors and 1 of them will need to be the bank CEO. This group of people will work together to develop working procedures of the online bank. First Steps The first order of business for the group will be to decide on a name for their online bank. This can take a lot of time because it needs to be something catchy, easy to remember and has a nice ring to it. They must also insure it doesn't infringe on any trademarks or be too similar to other banks. If the name is too similar to another bank, they won't be able to get a trademark for it.

Once they've decided on a name they can file for a trademark at the US Patent and Trademark Office. There they will fill out just one form and pay a fee. Then they will have to wait for approval. If all goes well their chosen name will be trademarked without any delays. Website and hosting Next they will need to acquire hosting and have a website professionally built for them. The web designer they choose will need to be able to setup the highest level of security as well as an attractive site. The site must also be easy to navigate. They also must insure that no copyrighted material has been used on the site. Forming a Charter Now the bank is ready to form a charter. They will apply for this charter using the Office of the Comptroller of Currency (OCC). This can be a lengthy process and will involve a ton of paperwork and information.