Bank One Starts Internet-Only Business

Bank One Corp. on Thursday became the first major U.S. bank to open a separate Internet-only bank, launching WingspanBank.com as it tries to tap the Web to lure new customers.

WingspanBank.com (https://www.wingspanbank.com) offers everything from online bill-paying to insurance-finding services to a “concierge” that can recommend restaurants and hotels and book reservations.

Chicago-based Bank One, the No. 5 U.S. bank, will continue to offer online banking services through its https://www.bankone.com Web site. WingspanBank.com will offer many of the same services, but it will be geared toward attracting new customers who are comfortable with the Internet and do not need the Bank One name to feel secure, Bank One officials said.

Bank One has forged numerous alliances with online firms, including ExciteatHome Corp., America Online Inc. and CarsDirect.com.

While smaller banks, such as Security First Network Bank, have operated only on the Internet, Bank One said WingspanBank.com will have more offerings and will quickly have more customers.

Bank One shares closed down $3 at $54.69 on the New York Stock Exchange.