Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CNBC Notes Banks 'Experiment' With New Service Fees
MADISON, Wis. (9/4/13)--A recent CNBC article highlighted that banks are experimenting with new kinds of fees to be applied to some old, reliable, and expected services.
 
Banks are couching teller contact as a "premium" service to migrate customers to electron services. If members agree to waive personal contact, fees are waived.
 
In December, customers of PNC Bank with "Virtual Wallet" accounts could see a $7 monthly fee if they bank in a branch. Among the ways to waive the $7 charge: be a student, hold a minimum balance of $500, or pledge to bank only online, by mobile or at an ATM.
 
Capital One offers an account that is fee free--if customers don't use any of the banks branches.
 
At Bank of America, customers rejected a fee-free checking that did not offer branch access. Only 10% of new checking customers signed up for the "eBanking" accounts, which charged $8.95 monthly if a customer used a teller. Last week, BofA stopped offering the accounts.
 
Bank fees ignited the grassroots movement Bank Transfer Day, Nov. 5, 2011, which helped prompt a gain of 2.2 new member accounts at credit unions (News Now Feb. 27).
RSS





print
News Now LiveWire
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
1 day ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
1 day ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
1 day ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
1 day ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
1 day ago