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To Charge Or Not To Charge…
First Chicago NBD in Illinois took all the heat about charging a $3.00 transaction fee for teller service last year. Now, it appears many other banks are getting on board in order to collect some revenue in an area that is banking's "loss leader."
Some, such as BankOne Corp in Texas and Arizona, BankAmerica in California, and Seafirst in Washington simply charge per teller transaction- usually $2 or $3 each.
Others will waive the fee if a minimum balance is kept.
Still others, such as First Bank System, Minneapolis, charge $3.50 a month for teller transactions. If no teller transactions are recorded on the customer's statement, the fee is waived for that month.
CoAmerica, in Michigan, has an account that allows no branch transactions whatsoever-at any price.
In the other direction, as a positive incentive to use alternate ways of banking, KeyCorp will credit an account of its customers $1 if they make their deposits at an ATM.
Copyright © 1996 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 6, No. 8, 6/96
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