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Price Cutting By Banks Seen In Service Charges
New York banks nationwide are slashing service charges on personal checking accounts. A Federal Reserve study notes the trend began in 1964 in Massachusetts and Connecticut and is spreading coast to coast as banks seek deposits to fund loans and investments. Larger banks reluctantly cut prices to avoid losing customers, often keeping minimum balances or offering free checking with savings accounts. The move reflects fierce competition for funds and threatens profit from checking revenues.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Bank of Boston
Massachusetts
Connecticut
Boston Bank