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Answer Financial Adds Internet Banking From Telebank to Its Benefits Platform.


Banking services from the nation's largest Internet bank -- Telebank -- have been added to the expanding menu of financial services available from the Insurance Answer Center (IAC) at

IAC's parent, Answer Financial Inc. (AFI), announced that its members who belong to employee and affinity groups have access to the preferential banking services free of charge as of Sept. 17, 1999.

IAC members will be offered preferred Telebank accounts that provide premium yields on savings, lower minimum deposits, free Internet checking and unlimited electronic bill payments, as well as the Telebank ATM Refunder(TM) Program.

"The Insurance Answer Center offers an ideal and secure platform for our Internet banking services at a volume that will allow us to offer preferred status to AFI's customers," said Mitchell H. Caplan, president and chief executive officer of Telebanc Financial Corp., holding company of Telebank.

"We are always seeking ways to provide better value for IAC members," noted Alan Snyder, CEO and founder of Answer Financial Inc. "The Insurance Answer Center's mission is to provide consumers with information, choice and convenience. Telebank is a perfect match, offering these key elements via desktop, laptop or telephone."

IAC members can compare rates and coverage on life, auto and homeowners insurance, as well as annuities, and purchase these products from more than 80 top-rated companies via the Internet or phone. The company will add a new product to its offering every six weeks. In the past 12 weeks, it has added prepaid legal services from three providers and home warranty plans.

Telebank offers FDIC-insured interest checking, money market checking, savings and CD accounts. All Telebank accounts have paid yields in the top 1 percent nationally since 1989, and its money market accounts pay double the national average. Telebank is the only Internet bank to be ranked among the top 50 U.S. federally chartered savings banks. Telebank has also received the highest safety rating from Veribanc Inc., the most widely quoted independent bank-rating service.

About AFI

Founded in June 1997 by seasoned financial services executives, IAC and its affiliates are the licensed insurance agency subsidiaries of Answer Financial Inc., which provides auto, home, life insurance and annuity products from 80 insurance carriers as well as prepaid legal services from three providers. The IAC can be contacted over the Internet or by its toll-free phone service 24 hours a day, seven days per week.

Offered exclusively to employers and affinity groups, the service provides extensive and unbiased information, along with side-by-side quotes of competing insurance products. Insurance companies are selected by AFI based on product, independent third-party rating, customer service quality and technological capability.

Insurance companies do not pay to participate in the Insurance Answer Center, and the IAC does not accept incentives to advertise or promote a given product or carrier over another.

About Telebank

Telebank is a wholly owned subsidiary of Telebanc Financial Corp.(NASDAQ:TBFC), the nation's largest and fastest-growing Internet bank, providing high-value FDIC-insured financial products and services to customers in all 50 states through low-cost electronic delivery platforms, including the Internet, telephone, ATM and facsimile.

By eliminating the costs of branches, Telebank is able to offer significantly higher rates and lower fees than brick-and-mortar banks and deliver these services worldwide through the safety and convenience of the Internet. Telebank has nearly 80,000 customer accounts, more than $1.3 billion in deposits and over $2.6 billion in assets. Telebank can be accessed at or 800/TELEBANK.
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Publication:Business Wire
Date:Sep 21, 1999
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