North Fork Bank was acquired by Capital One Bank on March 10th, 2008 thereby offering a wider portfolio of banking products and facilities. The acquisition has naturally brought about expansion of the banking network which comprises of a number of branches and ATM network.
The most prominent improvement that has come about owing to this acquisition is the online banking facility. This facility allows clients to make their payments online and access their accounts, transfer funds and carry out other inquiries on the Internet without the hassle of visiting the bank in person. North Fork Bank offers unique facility of e-cash management whereby you can stay in touch with your business and the cash flow through the online facility. Treasury services are also provided by the bank to business clients so that they can run their businesses smoothly and execute transactions in the shortest time possible. Businesses are also extended the facility of remote deposit to deposit their cash even in late hours with the use of ATM deposit feature and at places with the evening banking facility.
Now the bank includes in its product mix the whole list of:
• Credit cards
• Checking and savings accounts
• Certificate of deposits
• Money markets
• Debit cards
• Home loans
• Mortgages
• Auto loans for financing and refinancing of new and old autos
• Personal loans including secured, unsecured loans, lines of credit
• Healthcare finance for expensive health fields like orthodontics, dental, cosmetic and vision
• Online banking
• Direct banking
These products are there for personal banking too. What has changed in these services is the standard of excellence and professionalism in the delivery of these to the end customers. Products for small businesses at North Forth Bank include business credit cards, business accounts including savings and current and certificates of deposits at attractive return rates. Lines of credit and letters of credit at handsome payout rate options. Merchant services are offered to businesses to provide maximum benefit to their clients thus making customers for the bank and securing their clients at the same time. Besides, term loans are also provided to meet financial needs of businesses.
Equipment financing offered by North Fork extends finance to business clients to assist them in purchasing their heavy and expensive business equipment. Small business treasury products that are offered by the bank include cash management facility, wholesale lockbox and remote deposit facility. Not only this, the depositary service of maintaining a zero balance account is an added feature of treasury services extended to business clients.
The bank ensures that its operations are carried out in the most secured manner thus countering the risk of email and the Internet spam. It provides full security against fraud with its effectively deployed fraud management tools. Commercial banking at North Fork Bank includes debt management services, investment banking, equity research, loyalty cards for the clients’ customers and international banking facilities. The bank has advanced to extend the facility of mobile banking whereby customers can keep them updated with their account status through their cell phones. International banking at the bank provides import and export services thereby reducing complications in international trade. The main service areas that the bank focuses on are: trade finance, international funds transfer, foreign exchange, letters of credit, standby letters of credit, foreign drafts, documentary collections plus clean collections and cash letters.
The bank’s products and services range has no doubt increased after it was acquired by Capital One Bank thus it can be concluded that it was a positive acquisition.
