|
Dayton
Business Journal...
Bank
pays customers $5 to use debit
cards
by Ginger Christ, Reporter
Friday, October 14, 2011
Tired
of debit card fees?
Well,
so is The Peoples Savings Bank.
The
Urbana-based financial institution
for the next three months will pay customers $5 per month per account
for using
their debit card. The move is a means of showing customers the
advantages of
using community banks.
“Our
customers voiced concerns over
newly-initiated debit card fees by large banks and asked if we were
going down
the same path,” said Brice Kadel, bank president. “Community banks,
including
The Peoples Savings Bank, are not in agreement with these fees and
practices.
To demonstrate opposition to these fees and the important advantages of
community banks over large megabanks, we chose to do something
fundamentally
different. Paying our customers to use our debit cards is the kind of
symbolic
gesture that eliminates their fears.”
The
$5 reward program will continue
through January.
New
debit card fees by a number of
banks follow new rules by Federal Reserve, which in July capped the
“swipe
fees” that banks can charge retailers. Banks had protested the new
rules and
some had predicted that other fees might go up.
Bank
of America in 2012 plans to start
charging a $5 fee to customers that use a BofA debit card to make
purchases.
Wells
Fargo & Co. will charge
customers in four states a $3 per month fee to use their debit cards
starting
today. JPMorgan Chase & Co. has been testing fees, as well as
Regions
Financial Corp. and SunTrust Banks Inc.
Wells
Fargo, JPMorgan and Bank of
America have operations in the Dayton region, and Bank of America
recently
bought the largest office tower in downtown Dayton.
The
Peoples Savings Bank has served the
greater Urbana area and all of Champaign County since 1892. It operates
two
branches, has 28 employees and $97 million in assets.
Read
it and other articles at the Dayton
Business Journal
|
