Home Browse Banks by CountryUS Banks North Fork Bank

North Fork Bank

By: EconomyWatch Date: 9 September 2010

About The Author

The core Content Team our economy, industry, investing and personal finance reference articles.

An Introduction to North Fork Bank:

North Fork Bank was acquired by Capital One Financial Corporation for $13.2 billion in stock and cash. North Fork Bank was headquartered in Melville, New York. It accepts deposits and grants loans to commercial and small business customers. After the merger it will be known as Capital One Bank. John Kanas was the Chairman, President and CEO of North Fork Bank before its acquisition. He will continue as the President of Capital One's banking business. Richard D. Fairbank is the Chairman and CEO of Capital One. The bank has an asset base of more than $60 billion and has a network of more than 350 branches.

Services provided by North Fork Bank:

Checking Account- A wide variety of checking accounts are provided by North Fork Bank. In case of ordinary checking accounts no minimum balance is required to earn interest. However in case of Premier Banking and Personal Checking with interest, a minimum of $2,500 daily collected balance must be maintained to earn interest. A minimum daily collected balance of $10,000 is required to earn interest in case of NFB Incredible Interest Checking.

Savings Account- The savings account provided by North Fork Bank requires a minimum of $25 to open an account. A minimum daily balance of $100 must be maintained in order to earn interest and avoid fees. The attractive feature of a North Fork Bank savings account is that one can earn interest without tying up the money and the interest earned is usually huge as the interest is compounded daily. The One Point Money Market Account earns interest on a year basis. It requires a minimum opening balance as well as minimum daily collected balance of $25,000. the Certificate of Deposit Accounts allows one to choose a term of 32 days to five years and earn competitive interest rates. The minimum opening balance is $500. Daily compounding of interest allows the money to expand exponentially. The Holiday Vacation Club Accounts provides the opportunity to save for future expenses such as gift-giving, vacations etc. No service fee is charged if the money in the account remains until the end of the club term.

Debit Card- the Express Check Debit Card provided by North Fork Bank can be used like a credit card. Using the card to make payments is similar to using a check for payment but without requiring an approval. The amount of payment made is directly deducted from the user's checking account. It can also be used to withdraw money from an ATM. One need not even pay any interest or finance charges.

Beside the above mentioned services, the North Fork Bank offers a range of other services also. An account in North Fork Bank allows one to make better use of one's money and simultaneously build a secure financial future. It is more so after its merger with Capital One as the bank now will have a bigger asset and consumer base thus making its business more reliable and prompt.