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
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
11 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
13 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
14 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
14 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
15 hours ago