Read below to learn about some changes that are coming to many “big banks” in the near future, then visit https://www.priorityonebank.com/checking.html to learn more about our free checking options and how our community bank can serve you.
Trustmark to roll out new checking account options
ClarionLedger.com --- http://www.clarionledger.com/article/20111006/BIZ/110060335/Trustmark-roll-out-new-checking-account-options?odyssey=mod|newswell|text|Home|p
"Some Trustmark National Bank customers could incur a $5 monthly service charge starting Nov. 1 as the bank rolls out its new checking account options.
Customers with Positively Free Checking accounts will be converted to Smart Choice Banking. Customers can avoid the $5 monthly service charge with a $1,000 average balance, 10 debit card transactions or a direct deposit of at least $100.
Trustmark, which controls about 13 percent of the Mississippi market, is the latest bank to modify its free checking structure as institutions nationwide work to make up revenue lost from new regulatory rules.
Senior Vice President Barry Planch says a number of Positively Free Checking customers maintain low balances and use debit cards sparingly. However, those same customers often use services such as Trustmark's call center that cost the bank money to maintain.
"We're in a situation where we're making nothing on them," Planch said of Positively Free Checking.
Planch said Smart Choice Banking should offset some of those bank costs, but he's not expecting a "substantial revenue boon" for the bank as many customers meet one of the qualifiers and would escape the monthly charge.
In a letter dated Oct. 1, Trustmark informed Positively Free Checking customers that they will continue to receive benefits such as free Internet banking and bill pay, free debit cards and unlimited check writing. Account numbers and account access will remain the same.
Other new options include a Simply Free Banking account, which has limited access and no monthly service charge, and a Total Value Banking account, an interest-paying checking account with a $6 monthly service charge.
Planch said Trustmark's management team meets biweekly to review the bank's product line. The bank is keeping a close eye on federal regulation changes that have caused some banks to adjust fees and services.
Regions Bank is one of several larger banks that have added a monthly charge for customers using debit cards. Regions charges some customers $4 a month.
Banks are making up dollars lost when the government lowered how much they could charge retailers when a person uses their debit card.
Wells Fargo, Chase, Citibank and SunTrust have added or are testing debit card fees.
Trustmark has no plans to introduce debit card fees, said Melanie Morgan, a senior vice president and company spokeswoman.
Planch said he couldn't say that Trustmark will never introduce debit card fees, "but I can say that you won't see us come out with a debit card fee next month."
BancorpSouth also has no immediate plans to introduce debit card fees, spokesman Randy Burchfield said.
The Tupelo-based bank last year rolled out its My Way checking account. A $5 monthly service charge is waived if customers maintain a minimum daily balance of $100, make at least five debit card transactions or sign up for direct deposit, similar to Trustmark's new qualifiers."
-Clairon Ledger, October 2011
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