Bank One Moves to In-source Student Loan Sales and Marketing.CHICAGO -- Bank One announced today that it notified Sallie Mae Sallie Mae: see SLM Corporation. on July 1 that the bank has exercised its contractual right to terminate its marketing agreement with Sallie Mae and in-source student loan sales and marketing. While Sallie Mae has said that it is contesting the termination, Bank One believes that its actions are in accordance with its contractual rights A contractual right is a claim, on other persons, that is acknowledged and perhaps reciprocated among the principals associated with that claim. Specialized contractual rights exist as part of a "contract" or agreement between persons to whom these rights belong. and are entirely proper. Bank One said it is important to control its brand, have salespeople as its employees, and thus own the knowledge and expertise. This action reflects the continuing commitment of J.P. Morgan Chase & Co. and its new subsidiary, Bank One, to the student loan business. The company will continue to provide student loans, under both the Bank One and Chase brand names. Bank One has not terminated its agreements to sell student loans to Sallie Mae. In addition, Chase's joint venture with Sallie Mae remains in place. School customers can continue to use the same processes to provide loans to their students under both the Bank One and Chase brand names. Bank One, NA, Ohio, is a subsidiary of J.P. Morgan Chase & Co., a leading global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firm with assets of $1.1 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , asset and wealth management, and private equity. A component of the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. , J.P. Morgan Chase & Co. has its corporate headquarters in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and its U.S. retail financial services and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available on the Internet at www.jpmorganchase.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion