OFG's Oriental Bank Launches First Account in Puerto Rico Targeting Online & Mobile Customers

Business Wirevia The Motley Fool
Updated

OFG's Oriental Bank Launches First Account in Puerto Rico Targeting Online & Mobile Customers

SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- OFG Bancorp (NYS: OFG) today announced that its Oriental Bank subsidiary has launched "Freedom Account" ("Cuenta Libre" in Spanish) - the first product in Puerto Rico aimed at the growing number of high-tech customers on the Island who:

  • Like to interact with their bank via mobile phone, tablet, web, debit / credit card, or ATMs;

  • Have little need to go into a branch and use a teller; and

  • Most of all, want to avoid costly ATM withdrawal fees.

"'Freedom Account' was especially designed for individuals and families that prefer to handle their financial transactions through faster and more convenient technology," said Alexandra López-Soler, Oriental Bank's Senior Vice President of Marketing.


Key Features:

  • An initial deposit to open the account of $25

  • No monthly maintenance fees if statements are received electronically

  • Unlimited free electronic transactions through internet or mobile banking, Automatic Clearing House (ACH), Point of Sales (POS), phone and Oriental ATMs

  • Automatic reimbursement of up to three ATM fees of up to $1.50 each per month for withdrawals outside the Oriental ATM Network in Puerto Rico and the US, subject to maintaining an average daily balance of at least $1,000

  • Accessible via the web and apps for smartphones and tablets

  • Easily transfer money online to/from financial institutions in PR or US

  • Ability to apply for a line of credit of up to $25,000, subject to credit approval

"We listened to what our customers were telling us and what people were saying on social networks," said Ms. López-Soler. "Nobody likes paying ATM fees or fees for other transactions. People here want more flexibility, especially those who like to use technology.

"This is a new and growing customer base. Oriental's data shows that in Puerto Rico, 85% who have a bank account use ATMs, 75% have access to the internet, and 53% who own cell phones have a smartphone that they use for personal transactions, including accessing and managing their money."

Oriental has been rolling out Freedom Account in local markets over the last few weeks.

About OFG Bancorp

Now in its 49th year in business, OFG Bancorp is a diversified financial holding company that operates under U.S. and Puerto Rico banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services and Oriental Insurance, provide a full range of commercial, consumer and mortgage banking services, as well as financial planning, trust, insurance, investment brokerage and investment banking services, primarily in Puerto Rico, through 55 financial centers. Investor information can be found at www.ofgbancorp.com.



Puerto Rico:
OFG Bancorp
Alexandra López (allopez@orientalbank.com)
(787) 522-6970
or
US:
Anreder & Company
Steven Anreder (steven.anreder@anreder.com)
and
Gary Fishman (gary.fishman@anreder.com)
(212) 532-3232

KEYWORDS: United States North America Caribbean Puerto Rico New York

INDUSTRY KEYWORDS:

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