Principal Bank Launches Online Money Transfer
August 2, 2007 (Des Moines, Iowa) — Got a kid in college or an aging parent living far away from you? What do you do when they run into unexpected expenses and you need to send them money? Ever wish there were a way to make deposits into your bank account without having to mail a check or make a trip to an ATM? Now you can send money and make deposits wherever you have Internet access with Principal Bank Money MovementSM. Money Movement offers Principal Bank customers a way to quickly and cost effectively transfer money between accounts—even those at other financial institutions—with just a few clicks of a mouse.
"We are pleased to offer this new capability to our customers," said Art Bacci, president of Principal Bank. "We are continually looking for ways to make online banking easy, flexible and hassle free. This new feature will significantly improve our customers' ability to make deposits into their accounts, and manage their money at their convenience—whether they're at home, the office, or on the road."
Customers of Principal Bank can now move money between savings, checking and investment accounts all over the country, make loan payments, move money to and from family members and more—all from their Principal Bank log-in. "Imagine what this does for parents with kids in college," added Bacci. "They can now set up a recurring transfer to cover college-related expenses, or quickly respond to emergency needs - all at a low cost. This is a tremendous convenience for our customers."
Money Movement enables customers to make secure fund transfers between their Principal Bank accounts and accounts at over 23,000 banks, credit unions, and brokerages across the United States. The new money movement tool is powered by CashEdge Inc. "The flexibility of this technology enables consumers to leverage the Internet to conveniently and confidently transfer money from person to person," said CashEdge CEO Sanjeev Dheer. "We are pleased to be working with Principal Bank to provide this valuable component of their online payments suite."
A demo of Money Movement is available on www.principalbank.com/simple/move.
About CashEdge®
CashEdge provides innovative, online financial applications for banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. Working with CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs.
Recognized by Inc. magazine as one of the 500 fastest growing private companies in the United States, CashEdge currently serves more than 600 leading financial institutions, including five of the top ten banks. CashEdge has offices in New York and Silicon Valley. For more information, please visit www.cashedge.com.
About Principal Bank
Principal Bank, a member of the Principal Financial Group®, is an FDIC-insured federal savings bank, offering customers traditional and innovative banking products and services through the Internet, telephone (personal bankers available 24 hours a day, 365 days a year), U.S. mail and a nationwide network of ATMs.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $282.1 billion in assets under management2 and serves some 18.1 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) "The Principal Financial Group" and "The Principal" are registered trademarks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2) As of June 30, 2007.
