How would like to design your own bank? Union Bank startedBanking By Designwhich allows customers to design checking accounts to meet their needs. You can pick from numerous options, some cost just a few dollars and others are free. New and existing customers can choose the services they want and lower their costs. Imagine that you just pay for what you want? Do I have your attention?
You are probably thinking it is expensive and you would be wrong! For a base rate of $3 per month and it can be waived if the customer makes one direct deposit of $250 or more each statement period. If you have direct deposit, they will waive that $3 and you practically have a free account. So a basic checking account where you can write checks and make deposits is free, if you have direct deposit. I think someone at the bank was listening to the customer.
In recent years, banks were charging fees on formerly free checking accounts. It created a revolt and customers were leaving in droves to credit unions. More than 1.3 million Americans opened new credit union accounts. Customers voted with their feet and changed their accounts. If the higher fees bother you, this may be the answer. You can control your costs and choose what you want. If you are a California resident (Banking By Design is only available in California), you can enjoy an extensive branch banking system.
What services could add to your costs? You still have to pay for printing checks, paper statements, online bill pay and non Union Bank ATM transactions. You can sign up online or have a personal banker at a branch assist you. You now have a choice, if your bank raises their fees. What are you going to do?
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