A la carte checking accounts making their entry

Sharon Manning, aged 54 years, is a Texas based realtor who, like many other customers in the United States of America, had to pay monthly fees for services that she hardly used. When a bank based out of San Antonio in Texas, Frost Bank, gave her a chance to pay only for the services she regularly used, she jumped at the opportunity. Currently, Ms Manning holds a basic checking account that costs just $5 a month which includes services such as phone banking and online banking. For an added $2 she can opt for services such as mobile bill payments.

This is the newly introduced ‘a la carte’ accounts that are simply another way for banks to make money, but in a gentler manner without inconveniencing the customers. Frost Bank, as well as another large financial lender in the USA, the Union Bank that is based out of San Francisco has adopted this latest move to move away from the other fee levying accounts that are being offered by the other banks across the country. This move also helps overcome the need to levy charges for the usage of debit cards.

Alex Matjanec, the co-founder of one of the leading financial website opines that this is a great PR move since customers are not being charged forcefully, but voluntarily opt for services they use regularly and pay only for it. Currently, not many leading banks in the country offer this type of accounts, but considering the rising popularity, the senior counsel and Vice President of the American Bankers Association opines that it will not be long before the other financial institutes in the country follow suit and start offering these accounts. She also said that it this move by two banks was just the beginning of a new trend.

As per the data available with the Federal Reserve, Mitsubishi UFJ Financial Group Inc. owns the Union Bank that has assets worth $87 billion and ranks 23rd in the list of top banks in the United Sates. Frost Bank which has assets worth $20.9 billion occupies the 44th place in the same list. The new trend that has been started by these two banks will see rising popularity in the days to come.