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
.@CUNA VP of Econ MIke Schenk featured in Money magazine http://t.co/SC6Shv0lDH
10 hours ago
#NewsNow: @CFPB develops tools for student loan debt relief. http://t.co/a6pOReC86F
10 hours ago
Stephanie Smith has been named as the new executive director of America's #CreditUnion Museum. (2 of 2)
11 hours ago
America's #CreditUnion Museum executive director Peggy Powell is stepping down after 15 years. (1 of 2)
11 hours ago
#NewsNow League presidents raise voices for data breach protection http://t.co/zX1UsvsQP6
13 hours ago