3 banks stalk depositors with no-fee checking. (First Federal Savings Bank of Cleveland, TransOhio Savings Bank, Ohio Savings Bank)

Crain's Cleveland Business, January, 1990 by Barnes, Jon

3 banks stalk depositors with no-fee checking At least three local savings banks have eliminated service charges, minimum balance requirements and interest payments from certain checking accounts in an effort to woo depositors away from other banks. First Federal Savings Bank of Cleveland and Transohio Savings Bank recently introduced such checking accounts, while Ohio Savings Bank has been offering a similar type of account since 1986.

The accounts differ from typical checking accounts because they have no required minimum or average balance, no limit on check writing and can be opened with an initial deposit of as little as $50. The only expense to the customer is the cost of the checks themselves, along with normal service charges for such things as...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.