Credit one bank is a bank that is based in the United States and are specialized in provision of credit cards. With their offices located in Las Vegas, Nevada, Credit one bank is held by a financial institution known as Credit One Financial. This is company categories to hold the bank and is registered in the state of Nevada. The company is owned by a group known as the Sherman Financial Group, LLC. Credit one bank has enjoyed much of its success, such that it is estimated that over 2 million of people in the United States are Credit one bank card holders.
Regulations governing Credit One Bank
Credit one bank was founded in the year 1984 in California in a place known as San Rafael. It operates under the charter CEBA national bank charter. This charter is responsible in controlling how banks undertake their functions in lending and depositing. Requirements that guide this particular functions are set forth in the Bank Holding Company Act which is an amendment set forth in the year 1987.For Credit one bank to meet these particular requirements it was a necessity for it to focus on activities related to credit cards. This is because Credit one bank is categorized to be a CEBA bank and according to law put in place; such institutions cannot participate in activities such as demand deposits or any transaction that one may withdraw by check. Payments made to third parties are also not encouraged because of the act.
History Of Credit One Bank
Also under the act, this type of banks is discouraged from taking savings or any form of time deposits that their total amount is less than $100 million. An amount less than the stipulated can only be accepted only if they are used as a form of collateral for credit card loans. Also, according to the charter, Credit one bank is deterred from undertaking business in form of commercial loans.
As said earlier; history of Credit one bank dates back to the year 1984 where it began operations where at that time it was known as First National Bank of Marin. At that particular time it was a full-service bank in the state of California. Wide range of products and services were in provision at that particular time till the year 1995 after which they decided to focus on two things. The products that they decided to focus on includes fully and partially secured credit cards. It is from this time that Credit one bank started its line of business and it acquired the new name in the year 2006.
Summary on Credit One Bank
The CEBA status was acquired by the financial institution in the year 2005 hence under the charter it followed the guidelines when it comes to serving its clients. Credit one bank as a name was registered as a trademark in the year 2002 hence its name cannot be used in any form of institution. Any client can go ahead and apply for credit card services that is offered by the bank and enjoy various forms of benefits that are accrued when one uses them.