SAN FRANCISCO -- DoughNET.com has teamed with USABancShares.com (NASDAQ: "USAB") to launch an ATM card designed specifically for teens that enables them to withdraw money directly from personal online bank accounts as well as ATMs branded with the Cirrus, Plus, MAC, Most and Honor network logos.
With a $1 opening deposit and a parent or guardian's co-signature, young adults can visit DoughNET.com and open a USABancShares.com joint bank account offering an optional ATM card specially designed for DoughNET.com members. The no-fee ATM card limits withdrawals to $40 daily and refunds five service fees (up to $10) a month that may be imposed by ATM owners.
DoughNET.com launched online banking directly connected to online shopping in August 1999. The patent-pending technology enabled teens to shop online with money from their own personal, online FDIC-insured bank accounts, eliminating the need for a credit card.
"USABancShares.com and DoughNET.com realize the untapped potential of today's teen market," said Ken Tepper, USABancShares.com CEO. "Teens have long been underserved where banking services are concerned. Over the last several years, they have proven themselves to be a strong economic force by establishing lasting relationships with companies that recognize the saving, purchasing and investing power they possess."
"There is no doubt this group of young people, who have never known life without the Internet, will be the first to fully manage their financial lives online," said Ginger Thomson, co-founder and CEO of DoughNET Inc.
The DoughNET.com members' account is modeled after USABancShares.com's energyONE account, which earns a 5 percent annual percentage yield with no monthly maintenance fees. Balances adjust in real time so, any time a customer checks his or her account, the balance is accurate. Individual accounts are also available for DoughNET.com customers over the age of 18.
In addition to offering DoughNET.com members an online bank account, USABancShares.com will donate $5 for every online donation of $10 or more a DoughNET.com member makes to one of DoughNET.com's nine featured nonprofits. DoughNET.com will match the USABancShares.com $5 donation for a minimum total donation of $20 to the member's chosen nonprofit.
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