Slades Bank this month unveiled a new checking product it said is the first of its kind in southern New England: “Power Checking,” with a 6.01-percent annual interest yield.
Along with the dramatically higher-than-usual interest rate, account holders will get rebates on any transaction fees for using non-Slades ATMs.
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“When we unveiled our new name and logo a month ago, we promised many customer-driven initiatives to come. Power Checking delivers on that promise,” said President and CEO Mary Lynn D. Lenz in a news release.
“Power Checking customers earn better than CD rates of return with ready access to their cash,” said Dennis Wyatt, senior vice president and director of retail banking, noting that the national CD index rate was 5.02 percent as of May 31, according to money-rates.com.
“It’s a perfect tool to earn money while maintaining liquidity,” Wyatt said. “Forget accumulating loyalty points. We’re giving customers cash, not knick-knacks, for their business loyalty.
Wyatt also said he expects the rebates on ATM fees to appeal to customers who work outside the SouthCoast area. Before Power Checking, bank customers using an ATM card beyond the SUM network would be charged an average fee of $1.50 by the bank that owned the ATM. Slades will now reimburse Power Checking customers for that cost.
“It’s as if we’ve installed a Slades Bank ATM on every corner in every neighborhood around the U.S.,” Wyatt said.
Slades Bank is a $609 million community bank, based in Somerset, serving southeastern Massachusetts via nine retail branches in seven communities. Additional information can be found at www.sladesbank.com. APRIL2007
