Bank IV Takes Step toward Home Banking

By Titus, Nancy Raiden | THE JOURNAL RECORD, May 26, 1994 | Go to article overview

Bank IV Takes Step toward Home Banking


Titus, Nancy Raiden, THE JOURNAL RECORD


Journal Record Staff Reporter

Bank IV Oklahoma NA has taken a step toward home banking with its introduction of a new telephone bill payment service that lets customers dial up any time to send payments from their checking accounts to prearranged payees.

"This is what our customers are demanding of us," said Jerry Lester, senior vice president of electronic banking for Fourth Financial Corp., the bank's parent company. "We are trying to build the appropriate platform to meet those needs, and this is one step in the process. We may be offering a home banking network, and this is one step toward that end. The ultimate goal is delivering the ultimate convenience to our customers."

The service is especially helpful for customers who travel a lot. They can pay their bills at a time that is convenient for them without the worry of having to write and mail checks.

Telephone Bill Pay has been available for Oklahoma City area Bank IV customers since February, though the company is just now marketing it, he said.

Bank IV has one location in Nichols Hills and is expected to close on its planned $92 million cash purchase of Equity Bank for Savings FA today. That purchase would give the bank another 15 metro locations, including eight in Oklahoma City.

Lester said the telephone bill payment service "saves postage and time from filling out all those return envelopes. It also gives you your documentation on your statement. People who are comfortable using this type of electronic delivery find this is of benefit to them."

Unlike other automatic bill payment programs, the Bank IV service lets customers pay bills that are occasional, such as the doctor or baby-sitter, in addition to recurring bills of the same or varying amounts.

Customers provide a list of merchants, along with account numbers and addresses, when they enroll in the program. Each merchant then is assigned a two-digit payment code that the customer will use whenever he or she wants to authorize a payment to that entity.

The service is different from other electronic payment options in that the actual payment may or may not be made electronically by the bank. …

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