Bank Fee Increases Continue; Pittsburgh Banks Pursue Different Paths

by Mercator Advisory Group 0

Every bank is struggling to find the optimal mix of fees. Many national players are using different strategies and different pricing in different markets. This article comments on developments in Pittsburgh, where the two dominant banks (PNC and Citizens) are increasing fees while runner-up Huntington is introducing new accounts with few fees. Huntington’s Asterisk-Free Checking account has no monthly maintenance fee, no minimum balance, and no check or debit-card usage requirements. As reported by the Pittsburgh Tribune Review:

“This is a contrarian move. But we think we can attract more households by listening to our constituents,” said Dave Hammer, Pittsburgh regional president of Huntington Bank, which expects to attract about 12,000 new customers with its free checking account.

Citizen’s Banks new fees reportedly include $2 each month for customers who will not convert to paperless statements. Reference to the Boston.com link below confirms that similar fees have been introduced in other markets, including MA, where customers over 65 and under 18 are apparently still able to receive paper statements without the fee.

Click here to read the story.

Boston.com story.