October 2009

iBankUPThe Power of a Bank Account in One Card

Where we’re coming from …

UPside Visa Prepaid CardsPayment-enabling the 13-25 demographics

– Teens

– College students

iBankUPThe Power of a Bank Account in One Card

– Young adults

– … and anyone fed up with their bank

4000 GOODTHRU 03/1003/10 DEBIT

CARDHOLDER NAMECARDHOLDER NAME

40004000 00000000 00000000 00000000

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Motivations

• Everyday money management needs are simple:– Deposit salaries (direct deposit) and tips (cash)– Stay on top of available money easily and accurately– Spend responsibly with card, cash and the occasional check

• Nobody is providing “Millenials” (those born after 1980) with simple, transparent and fair everyday banking– “Web 2.0” Mint.com, Wesabee, Yodlee,.. are really nice front-

ends on top of legacy services– Banks are mostly busy inventing ways around the Card ACT

• This can be done at low cost by being lean and operating as an online pure-play

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What Millenials Need

13-17 18-29 Dislike:

Collect fromParents & FamilyPart-time-jobs

Schools & Govt. (scholarships)ParentsJobs

Pay forSubsistenceEntertainment

SubsistenceEntertainmentCarShared rent

Save for Short-term tangibles Medium-term tangibles

Like:

WithCash, Gift CardsChecking & ATM cards

Cash, Credit/Debit CardsCheckingStudent Loans, Car Loans

Supplied byBanks for 20% via parentParentsPart-time employers

Banks, Card Issuers, School Funds, Parents, Employers

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What iBankUP delivers

18-29 iBankUP

Collect fromSchools & Govt. (scholarships)ParentsJobs

Direct-to-card payoutsBank Transfers

Direct Deposit & Cash Deposit

Pay for

SubsistenceEntertainmentCarShared rent

Everywhere Visa debit acceptedCash from Visa & Interlink ATMs

On-demand paper checks

Save for Medium-term tangibles Coming Soon…

WithCash, Credit/Debit CardsCheckingStudent Loans, Car Loans

Online service based on a Prepaid Card and “Virtual

Checkbook”

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What’s the Difference?

• For everyone (with a valid SSN):– No verification of credit-record– No need for an existing bank relationship– No minimal deposit to get started

• More Transparent:– Reliable balance takes everything into account: no pending

un-cashed checks or unsettled transactions– Balance accessible via web, cell phone and Facebook

• Lower Cost than any other product today:– No set up fees, no closing fees, no overdraft fees, no direct-

deposit fees, no bank transfer fees– Can be operated at $0 fees if used for handling >$300/month

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Compared with other cards…

* Cost based on 2 ATM withdrawals, 10 purchase transactions, and 2 direct deposits per month

Card All AccessAccount

NowRush Card

Wal-Mart MoneyCard

UPside Card

PlanFee

AdvantageClassic plan Life

Activation fee $9.95 - $19.95 $3.00 None

Monthly fee $9.95 $4.95 - $3.00 $1.99

Yearly fee - - - - None

DDA load fee - - - - None

ATM withdrawal fee $2.00 $2.00 $1.95 $2.00 $1.49

Fee per purchase transaction

- $1.00 $1.00 - None

Total cost for first year* $177.35$177.35 $227.00$227.00 $186.75$186.75 $87.00$87.00 $59.64$59.64

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…and checking accounts

Account Bank Account No Bank Account iBankUP

Up-to-the minute balance tracking

NoIf you have time,

you can count your cash…

Yes

Monthly fee Up to $18 (Usually based on minimum balance).

N.A. $1.99

Incoming Transfer feeor Check cashing

Up to $10 for incoming transfers.

Up to $20 for check cashing.

Free Direct Deposit or ACH.

Paying Bills Online Usually free Up to $10 fee.

None if paid with card + one free check per month (stamp

included!)

Decline fee Usually $20 N.A. $2

Available on Facebook® No N.A. Yes

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Virtual checking

Log in dashboard

Select “Write a Check”

Fill out form– Name of payee– Amount– Address

Verify & Submit

a.k.a checking without a checkbook

The check is produced and mailed out on your behalf

iBankUP.com - October 2009