Key Bank announced today that
it will offer a
digital account with a debit card with no monthly fee and no overdraft fees
ever. They join Bank of America in
offering a debit-only account that will never have an overdraft fee, although
Bank of America charges a $4.95 monthly fee for the account.
As John
Gower of NerdWallet pointed out, such accounts are very uncommon, but do
exist. In addition to those above, Washington
Savings Bank of Lowell, MA, offers a debit only account, and Capital One’s 360
card account can avoid overdraft fees and have overdrafts with a line of
credit. Other “no overdraft fee”
marketers include historically non-banks like GreenDot’s GoBank, Simple,
prepaid cards and payments providers.
More are recognizing that a
large market segment exists for accounts that have no overdraft fees ever.
HOWEVER, no banks other than our clients offer a full service checking
account with paper checks and a line of credit using customer deposits and
statement balances to document ability to repay a small line of credit over
time. And customers report they love
the services and value.
It is time you see how
PaySound® can drive revenues, relationships and payment relevance to
your bank!
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