The news has been refreshingly good for bank customers lately. As the Federal Reserve raises short-term interest rates to fight inflation, yields on deposits are on the increase at some institutions-especially internet banks. (Large brick-and-mortar banks tend to raise rates more slowly, and many of them have ample deposits, minimizing their incentive to push up yields.)
What's more, big banks have made a spate of customer-friendly changes to their overdraft policies over the past year. Some, such as Ally Bank and Capital One, eliminated overdraft fees altogether. Others are lowering their fees, increasing the amount by which customers can overdraw their checking accounts without fees or allowing customers more time to get their balance out of the red before hitting them with fees. Chase, for example, has stopped charging an overdraft fee if an account is overdrawn by $50 or less at the end of the business day. And starting sometime this year, Chase customers who overdraw their accounts by more than $50 will have until the end of the next business day to bring their account balance to $50 overdrawn or less to avoid overdraft fees. Several banks are also adding the ability for customers to access direct-deposited funds from their checking accounts up to two days early.
Such changes are part of broader strategy banks are implementing to keep up with transforming customer expectations, according to research firm J.D. Power. Customers are visiting branches less often, and they're more frequently using digital services such as Zelle and Venmo to exchange money. "The decision to move from a punitive, carrot-and-stick approach suggests that retail banks are recognizing that the role they play in their customers' lives needs to evolve beyond service provider and into more of a hub of financial advice and guidance," J.D. Power concludes in a recent report.
この記事は Kiplinger's Personal Finance の August 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Kiplinger's Personal Finance の August 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
My Top 30 Index: An Update
A year ago, I put together what I called \"my own reinvention\" of the Dow Jones industrial average, the popular 142-year-old large-cap index.
Balance Your Risk and Reward
These new ETFs let you cut stock market losses. But you'll sacrifice some gains.
IS A HYBRID CAR RIGHT FOR YOU?
Hybrids offer a fuel-saving option for drivers who have reservations about all-electric vehicles. But there are trade-offs.
HOW TO REACH YOUR INVESTING GOALS
Patience helped these four investors make their portfolios work for them.
WHERE TO INVEST NOW
Expect a lot of midyear churn, with a rally toward the end of 2024.
TIPS FOR FINANCING A HOME PROJECT
I recently had a call with a client who was looking to fund the construction of a swimming pool at his house.
MORE WOMEN THAN EVER ARE STARTING BUSINESSES
Retail and travel businesses, along with health, beauty and fitness, are popular with women entrepreneurs.
Finding Home Health Care
It’s important to hire a caregiver you trust.
UNDERSTANDING BOND FUND YIELDS
What's a 30-day SEC yield? A trailing 12-month yield? A yield to maturity? We explain what each measure says about an income fund.
ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS
If you have federal student loans, you may benefit from new government policies. Here's what you need to know.