Bundled Services

Has anyone ever done bundled services? These bundles would included various services that you would normally be charged for separately and include them all in a bundle and you pay a monthly fee. The services would include checks, so many OD fees waived/refunded, etc.

This is something we are kicking around but I have a few questions on.

Only seen them in conjunction with senior citizen direct deposit and included free checking, 50% off small safety deposit box, fee free cashier's checks, etc.

Our senior account has those.

We are looking outside of that account and other services.

We do not offer these and quite frankly, what you've posted scares me a little bit, especially regarding the "so many OD fees waived, refunded" versus those customers/accounts who would be charged each time. In general I think it's tough for someone to opine without a lot more details on what your institution is looking to do.

Piggybacking on PQ, what you would end up with are those who do not not a benefit, dropping the service, and the bank will be stuck with those getting the full benefits - cutting back fee income.

Make sure that you do not establish a formal process/account to waive/reduce OD fees based on age. An overdraft is an extension of credit under Reg B and charging different amounts for a credit transaction based on the prohibited basis of age will have fair lending consequences..

Thanks everyone! Any account is able to select the bundles which include the OD fees. I am putting some disclosures together and going to send it off to our FDIC compliance examiner to review.