Online bank for poker players?

[DaveShoelace]

Anyone else seen this? I always thought it would be a good idea but I cant help but think it could be a bit dodgy

Ivobank launches online bank for gaming enthusiasts
in the UK, Ireland, Canada and Spain
 
- Gamers offered winning online payment service -
 
London, UK – 29 July, 2008 – A new online bank catering for gaming businesses and enthusiasts has launched, offering fast and secure online payment and money transfer services.
 
Ivobank is believed to be the first independent bank to launch since the dotcom boom in 2001 and the first to be authorised and regulated by the Financial Services Authority (FSA).
 
Backed by the Sampoerna family, Ivobank plans to have one million customers within the next five years. Ivobank’s Managing Director, Timothy Sawyer, said while the bank is open to anyone, it had been specifically designed with online gamers in mind.
 
”The online gaming industry has developed rapidly in recent years, but the financial services supporting it have not kept pace,” Mr Sawyer said.
 
”Many online businesses and customers have been ill-served to date, resulting in relatively high costs and relatively low levels of service.
 
”Ivobank aims to plug the gap by offering instant and highly secure online payment services, combined with competitive interest rates,’’ Mr Sawyer continued.
 
On top of this, Ivobank allows customers to move money instantly from their account to friends and family overseas, making it very attractive for international money transfer.
 
”Ivobank is perfect for anyone who wants to shop online, but doesn’t want to use a credit card,’’ Mr Sawyer concluded.
 
Customers have access to a virtual debit card - The Ivobank Virtual Card - which can be used to make purchases online wherever MasterCard is accepted.
 
Headquartered in London, Ivobank has been set up by a number of industry veterans that have held senior positions within the banking and gaming industries. Mr Sawyer was previously Chief Executive Officer of cahoot and was instrumental in the launch of the bank.

Customers can apply for an Ivobank account online at www.ivobank.com and begin taking advantage of the service today. It’s free to sign up and requires no minimum deposit. 
 
Online gaming merchants and businesses will benefit from:
·                     Competitive rates of interest on deposits held with Ivobank (up to 4.25% AER)
·                     All funds transferred by customers are indemnified and settled immediately 24/7
·                     Multi currency settlement with localised payment options
·                     Low transaction fees
·                     Trouble free enhanced customer experience for online gaming payments
 
Online customers will benefit from:
·                     Secure and fast online payments
·                     Competitive rates of interest on deposits held with Ivobank (up to 4.5% AER)
·                     Fast and free online payments to friends and family
·                     The Ivobank Virtual Card that can be used securely online wherever MasterCard is accepted
·                     24/7 customer support via telephone, online Live Chat and secure email
 
#####
 
About Ivobank (www.ivobank.com) 
Ivobank is an online bank providing secure and reliable payments and money transfer services designed to meet the needs of online businesses and customers. Ivobank offers competitive rates of interest on funds held.
 
Ivobank is authorised and regulated by the Financial Services Authority.
 
Registered in England and Wales No. 5486286. VAT registered No. 885 4431 94
 
© Ivobank Ltd. 2008. All rights reserved.
 
 

[Robert HM]

My estranged wife was a bank manager and I discussed with her the situation of Neteller, able to hold so much money without paying interest. I thought there must be an opening with a bank for muscling in and taking this kind of business. I hope that it works.

[raidbett]

they are targeting us..lol

[boldie]

My estranged wife was a bank manager and I discussed with her the situation of Neteller, able to hold so much money without paying interest. I thought there must be an opening with a bank for muscling in and taking this kind of business. I hope that it works.

+1...I like!

wonder how long the withdrawals take

[Graham C]

I like the sound of this.  A bit of Googling has convinced me that it's not dodgy and they certainly have plenty of backing so should be sound.  I may open up an account and start using it instead of Neteller and see how we get on.

[fatshaft]

My estranged wife was a bank manager and I discussed with her the situation of Neteller, able to hold so much money without paying interest. I thought there must be an opening with a bank for muscling in and taking this kind of business. I hope that it works.

Just been onto live chat. You have to hold a GBP account, and you can't transfer to and from Neteller. I'm not overly sure how much better than a normal bank account this is actually going to be?

Seems like you'd be as well just opening an internet bank account with the likes of cahoot where at least you get a physical card that you can use offline as well.

[Graham C]

hmm, they need to sort out their website

Sorry, your request cannot be carried out at this time.
Please try again later or contact Ivobank Customer Services. We apologise for any inconvenience this may cause.

[kinboshi]

Hope it's a success, and there's nothing stopping the existing banks looking at this, thinking it's a good idea and offering rival services.  Competition is good.

[fatshaft]

I thought this was great news this morning, but the more I look at their site, I just don't get it?

You can't have an account in anything other than your home currency, and you can't use it to transfer to poker rooms - so it's worse than Neteller.

You can't use it offline - so it's worse than an online bank account

You get 4.5% interest, so it's better than Neteller/Moneybookers, but worse than some banks.

Would someone tell me what advantage this has over any other product?

[Suited_Jock]

I thought this was great news this morning, but the more I look at their site, I just don't get it?

You can't have an account in anything other than your home currency, and you can't use it to transfer to poker rooms - so it's worse than Neteller.

You can't use it offline - so it's worse than an online bank account

You get 4.5% interest, so it's better than Neteller/Moneybookers, but worse than some banks.

Would someone tell me what advantage this has over any other product?

Why can't you xfer to poker rooms surely you use the virtual mastercard?

[fatshaft]

I thought this was great news this morning, but the more I look at their site, I just don't get it?

You can't have an account in anything other than your home currency, and you can't use it to transfer to poker rooms - so it's worse than Neteller.

You can't use it offline - so it's worse than an online bank account

You get 4.5% interest, so it's better than Neteller/Moneybookers, but worse than some banks.

Would someone tell me what advantage this has over any other product?

Why can't you xfer to poker rooms surely you use the virtual mastercard?

Could be, must admit I tried their live chat support which was an ordeal. That said, as it's in GBP, so you're getting killed on transfer fees.

[jizzemm]

Why dont people use a Nationwide Flex account... It looks like it will be the same, and you get good interest on your money, (even better if you transfer to online saver), and Nationwide dont charge for foreign transactions and give you the bank rate on the day..

Easy really

[fatshaft]

Why dont people use a Nationwide Flex account... It looks like it will be the same, and you get good interest on your money, (even better if you transfer to online saver), and Nationwide dont charge for foreign transactions and give you the bank rate on the day..

Easy really

that's my point really, there's simply better and more useful offerings in the high street already, Nationwide being the best if you open an online savings account as well.

What they should have done is launched with the option of currency accounts which banks don't offer, then I could do away with Neteller and have interest on my USDs.; and I say this as someone whop was on their site all ready to sign up the moment I heard about it in my email this morning. Very disappointing.