First-e, the European internet bank, has called a review of its media business only nine months after awarding the account to BMP Solutions in Media.
It is believed to have shortlisted three agencies to pitch for the business.
The web bank has spent pounds 5 million on advertising since its launch in September last year, but is tipped to be increasing its media spend to pounds 10 million as it expands its online services.
First-e, which is backed by France's Banque d'Escompte, claims to be Europe's first internet-only bank. In May this year it extended its offering to include legal advice on disputes, a financial newsletter and the facility for customers to transfer funds using WAP-enabled mobile phones.
However, the bank suffered a blow earlier this year when the public watchdog The Consumer Association issued a warning regarding security lapses
The review could leave First-e with its third media agency in just over a year. Planning and buying for last year's launch was handled by Media Insight, which won the account with its sister agency, J. Walter Thompson.
By January, the media account had moved to BMP Solutions in Media. The creative business has proved equally unstable, with JWT dropping the account in June after a reported row over late payment of fees. The account was subsequently awarded to Fallon after a three-way pitch.