The transactional account or checking account is an account that does not carry flare or excitement in the product offering. Walk into a bank and most credit unions, and you are given a brochure or escorted to a kiosk to review the account selection. The banking industry has many more choices of checking accounts from Interest Checking, Regular Checking with a minimum balance requirement, No Minimum Checking with a fee, Free Checking, Second Chance Checking for individuals who do not qualify for a standard account, and Customized Banking Packages that combines balances in savings, certificates of deposits, investments, and even outstanding loan balances to qualify for the premiere services free. A customer can have a notary on standby at the bank with a Customized Banking Package. As a banking veteran, the focus is not on all the account choices a bank can stuff in one brochure. All banks may be alike in account offerings, but the banks and credit unions play a different ballgame … [Read more...]
