Sam Taps Telebank

Virtual financial institution Telebank has forged a deal to be the exclusive provider of Internet banking products to Sam's Club members nationwide through the launch of the Sam's Club Elite Member Benefits program. Telebank will provide Sam's Club members with benefits on premium-yield FDIC-insured savings products, it says.
     Club members will earn bonus rates, reduced minimum balance requirements and a $25 signup bonus on all premium-yield accounts, the companies say. The benefits package also features the Telebank ATM Refunder, which instantly reimburses fees charged at other banks' ATMs.
     Arlington, Va.-based Telebank currently offers banking via the Internet, telephone, ATM and fax. Sam's Club, a division of Wal-Mart Stores Inc., is based in Bentonville, Ark.