Tapping into consumer frustration about fees, Bethpage FCU is guaranteeing fee free checking accounts for the life of the accounts; but only if you are a new customer.
According to an article appearing in a New York Times blog, "new customers opening a Bethpage Bonus checking account can be assured of a lifetime of no debit card fees, no monthly maintenance fees, no transaction fees, no minimum balance fees and no fees charged by Bethpage for use of other banks’ A.T.M.’s. Plus, there are no fees for online, mobile or telephone banking."
While new customers get this deal, the existing customers of Bethpage apparently do not.
This reminds me of the Ally Bank commercial where the kid wants ice cream and is turned away because the ice cream is only for new people. Another kid comes along and gets a chocolate ice cream cone. When the first kid say he is new, he is told that the other kid is newer than you.
If Bethpage is not going to "dance with the one that brung ya", maybe the existing customers of Bethpage should shop around.
All members have always had a completely free checking option and are offered the guarantee. We will provide one to anyone who has an account with us. This is what makes credit unions different, we would not treat our owners/members differently from new members. It's not what we do. Clearly if people want to shop around, they should leave the mega Banks as quickly as possible, before another fee is added to their accounts.
ReplyDeleteKirk Kordeleski, CEO Bethpage
After all of this time and a decade of analysis of credit unions, Dr. Leggett still does not understand the diferences between customer (bank) and member-owner (credit union). Or maybe use the generic "consumer" which would apply to both.
ReplyDeletekeith,
ReplyDeleteYou should know that you need to check out things before you make suggestions such as this. All members of Bethpage can sign up for the Bonus Checking product and get the same benefits. I know the leader at Bethpage and he believes that "you dance with the one that brung ya"
I'm curious. Does Bethpage charge fees for bounced checks and overdrafts?
ReplyDeleteBethpage offers the same great guarantee of absolutely free checking to our new members and our current members. We would not treat one set of owners differently then another. That is the essence of the credit union differnece.
ReplyDeleteThis is my second comment, my first one did not post
Kirk Kordeleski, CEO Bethpage
Anonymous:
ReplyDeleteBethpage does charge a fee for overdrafts. See its courtesy pay overdraft fee on its fee schedule.
https://www.bethpage.coop/fees.asp