Sunday, June 8, 2014

Banks Lowering Fees for Consumers

Recognizing that customers hate paying fees on their checking accounts, KeyBank has unveiled a new product that removes account activation and monthly fees and doesn't allow consumers to overdraft accounts.

The Hassle-Free Account was made available to customers late last month. It has no monthly fee, no balance requirements and free online banking, mobile banking and online bill-pay. Customers using this account have free access to the 1,300 KeyBank ATMs but can't write paper checks. "People want simple and clear banking with no surprises," says Dennis Devine, co-president of Key Community Bank. He says this account will allow customers to spend less time worrying about minimum balances or navigating the fee rules on checking accounts. In March, Bank of America rolled out a checking account that also eliminated the potential for overdraft fees for consumers. It hoped to appeal to customers who struggle to manage their account balances and were drawing often hefty overdraft fees.

For more information, KeyBank offers no overdraft account « Bankrate, Inc.


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