Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
In just over a year, @SaveToWinWA generates more than $1M of savings in 6 #creditunions http://t.co/rszMd0SZVv
11 hours ago
Even the pest guy is a cybersecurity risk: http://t.co/Tqq4qfOgcq
12 hours ago
.@SCTelco_FCU among best places to work in S.C. via @TheCCUL http://t.co/PJnjOArfm8
14 hours ago
#IceBucketChallenge in D.C. today: @HampelBill with help from some @CUNA staff http://t.co/3iOqE2KSjd
14 hours ago
P2P mobile payments draw millennials' interest via @BloombergNews http://t.co/uoO2anjCsV
17 hours ago