How Online Banking Started

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Online banking started in 1994 when a small credit union, the Stanford Federal Credit Union, launched its online banking services to all of its members. Learn about the banks to follow in the online banking trend with information from a freelance computer specialist in this free video on the Internet.

Part of the Video Series: Internet & Computer Viruses
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Video Transcript

Hi. I'm Noah and I'm going to tell you about how online banking started. This is a bit of a controversial topic with basically three different banks claiming credit for the beginning of online banking. A lot of people claim that online banking started with Presidential Savings Bank or that it started with Security First Network Bank. In fact, Presidential Savings Bank was the first major traditional bank to offer online banking services to its customers on October 6, 1995. Twelve days later though Security First Network Bank was launched as the first exclusively online bank. This happened on October 18 of 1995. But further research shows that online banking actually has its origins with a tiny credit union called the Stanford Federal Credit Union which launched its online Internet banking service to all of its members in October, 1994. So a year before the other two banks. The Stanford Federal Credit Union was actually a very small credit union that offers its services to the Stanford University community. If we did dig even further, we can actually date the origins of online banking back to April, 1994 when they offered the online banking service on a trial basis to a hundred members.


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