Chase Announces Post-Merger Deposit Product Line; Customer Benefits Include Lower Prices, New Products and Services.NEW YORK--(BUSINESS WIRE)--July 23, 1996--In preparation for the merging of its branches with Chemical Bank, scheduled to take place over the Labor Day Labor Day, holiday celebrated in the United States and Canada on the first Monday in September to honor the laborer. It was inaugurated by the Knights of Labor in 1882 and made a national holiday by the U.S. Congress in 1894. weekend, The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. today announced its new deposit product line, which will result in overall cost savings to customers as well as a significant number of other customer benefits, including: - Substantially lower balance requirements to avoid fees on checking. Balance requirements for checking with interest have also been cut and will be identical to non-interest bearing accounts. - With Chase Better Banking, the bank's new flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , customers will have two ways to avoid fees, by meeting the combined balance requirement which includes all linked accounts or by meeting a checking requirement; the bank will automatically review both types of balances each month to determine which method works in the customer's favor. - Customers of the "pre-merger" Chase will also see much lower below-balance transaction fees -- reduced by 33% to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" "pre-merger" Chemical's pricing. - Significant cuts in monthly maintenance fees for a substantial portion of small business customers. - Several significant new accounts and services. Chase will, for example, be the first New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of bank to launch a Self Service Banking account, which will be attractive to technology users. "Our simplified new product line makes Chase easy to do business with," said Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Hegarty, Vice Chairman. "When we open our doors on September 3 as Chase, following the merger of Chase and Chemical's branch systems, our customers will have access to the largest network of branches and ATMs in the metropolitan area and will be able to reach us in virtually any way they choose." Chase's new Self Service Banking product provides a lower-cost option for customers who prefer using the telephone, computer or ATMs to conduct their banking and traditionally don't use branches. As part of its commitment to provide customers with multiple delivery channels, Chase will offer a proprietary Online Banking product which will enable customers to pay bills and conduct a variety of banking transactions through PCs. Chase will also offer Online Banking with Microsoft Money Microsoft Money is Microsoft's personal finance software for computers using the Microsoft Windows operating system. A version is also available for Windows Mobile (available for Money versions 2000-2006, and up to, but not including Windows Mobile 5.0). and Quicken A popular financial management program for PCs and Macs from Intuit, Inc., Mountain View, CA (www.intuit.com). It is used to write checks, organize investments and produce a variety of reports for personal finance and small business. , which will be offered at reduced fees for existing Chase customers and will be free for business and Select Banking customers who maintain certain balance requirements. Other key features of the new product line are: - In addition to significant cuts in monthly maintenance fees for a substantial portion of small business customers, they will, for the first time, have the ability to link multiple business accounts to reduce or eliminate fees as well as to receive numerous benefits such as premium rates on checking with interest and money market accounts. - Select Banking, for higher-balance customers, offers personal service from relationship managers either in-branch or by telephone, as well as premium rates on checking, savings and CDs and a range of complimentary services. Vista Funds balances (non FDIC-insured) can be linked for premium rates. - Issuance of debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. to all personal checking customers. - Customer access to their Vista mutual funds through the bank's telephone customer service unit, making it easier to bank and invest in one place. - Daily Report by Fax -- a daily summary of balances, transaction activity and funds availability for small business customers (previously available only to pre-merger Chase customers). - An enhanced telephone The Enhanced Telephone is a telephone developed by Citibank in the late 1980s for customers to do banking and other financial transactions from their home. The official launch date was February 26-27, 1990. bill payment product (previously available only to pre-merger Chase customers) coming in early 1997. - Lifeline life·line n. 1. a. An anchored line thrown as a support to someone falling or drowning. b. A line shot to a ship in distress. c. A line used to raise and lower deep-sea divers. 2. Checking and Lifeline Savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: . CHASE FACT SHEET Relationship Checking Products-- Balance Requirements Before (Old Chemical) After (New Chase) ChemPlus (with Interest) Better Banking (with Interest) Combined Balance Combined Balance Requirement $7,500 Requirement $5,000 OR OR Checking Balance Checking Balance Requirement $5,000 Requirement $3,000 ChemPlus (without Interest) Better Banking (without Interest) Combined Balance Combined Balance Requirement $6,000 Requirement $5,000 OR OR Checking Balance Checking Balance Requirement $3,000 Requirement $3,000 Before (Old Chase) "Self Service" Banking Better Banking (with Interest) Combined Balance Combined Balance Requirement $3,000 Requirement $7,500 Checking Balance Requirement $1,500 Better Banking (without Interest) Combined Balance Requirement $6,000 Chase Checking (with Interest) Balance Requirement $6,000 Chase Checking (without Interest) Balance Requirement $3,000 Relationship Checking Products Transaction Fees (Below-Balance Customers) Before (Old Chemical and Old Chase) After (New Chase) Checking without Interest Checking without Interest Maintenance Fee: $9.50 Maintenance Fee: $9.50 Checking with Interest Checking with Interest Maintenance Fee: $12 Maintenance Fee: $12 "Old" Chase Transaction Fee: Transaction Fee: Check paid, ATM Check paid, cashed, Chase ATM and withdrawal: $0.75 teller TELLER. An officer in a bank or other institution. He is said to take that name from tallier, or one who kept a tally, because it is his duty to keep the accounts between the bank or other institution and its customers, or to make their accounts tally. withdrawal, point-of-sale Non-Chase ATM debit A monetary amount that is subtracted from an account balance. A debit from one account is a credit to another. See credit. , non-Chase pre-authorized withdrawal: $1.50 debit: $0.50 Non-Chase ATM withdrawal: $1.00 "Old" Chemical Transaction Fee: Check paid, Chemical ATM and teller withdrawal, point-of-sale debit, non-Chemical pre-authorized debit: $0.50 Non-Chemical ATM withdrawal: $1.00 -0- CONTACT: Ken Herz, 212/270-4621 or Charlotte Gilbert-Biro, 212/270-7455 |
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