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CRESTAR BANK OFFERS NEW ELECTRONIC PAYMENT OPTIONS FOR CONSUMERS: PREMIER MONEYCARD AND CRESTAR TELEPHONE BILL PAYER

 RICHMOND, Va., Oct. 25 /PRNewswire/ -- Crestar Bank today announced the expansion of its consumer banking product line with the introduction of two new electronic payment services:
 -- The Premier MoneyCard enables Crestar checking account customers to pay for purchases with the funds in their checking accounts by using a Visa check card accepted by all merchants who accept Visa cards.
 -- Crestar Telephone Bill Payer permits customers to pay regular monthly bills via touch tone telephone.
 Charles H. Rand, executive vice president for Consumer Services at Crestar, said the new services underscore growing consumer demand for and acceptance of technology-based services to make banking more convenient. "We understand that our customers want to bank with us on their terms. Crestar's Premier MoneyCard and Crestar Telephone Bill Payer represent the latest steps in our effort to make sure that they can do so."
 The Premier MoneyCard, available immediately to Crestar consumer checking account customers, offers consumers the convenience associated with credit card purchases without having purchases charged to a line of credit. Rather, payments for purchases or services made with the card are deducted automatically from the consumers' checking accounts. Like Crestar's regular MoneyCard, the Premier MoneyCard can be used to pay for purchases from merchants equipped with MOST or Interlink point of sale terminals, to access checking, savings or money market accounts at Crestar MoneyStop ATMs, or to withdraw cash at MOST or Cirrus ATMs. The Premier MoneyCard also enables customers to access cash at ATMs displaying the Visa logo.
 Initially, the Premier MoneyCard will be available without an annual fee, and there are no transaction fees for purchases made using the card. Crestar Key Account customers may select an option which provides up to four free withdrawals each month at MOST, Cirrus or Visa ATMs. Fees for both the regular and Premier MoneyCards are $1 per MOST ATM transaction and $1.50 for each Cirrus transaction.
 Crestar Telephone Bill Payer is offered by Crestar in cooperation with CheckFree Corporation, a major national electronic payments service. The service had been offered on a pilot basis in the greater Washington area. With its expansion, it is available to all Crestar consumer checking customers. Crestar Telephone Bill Payer will be accessible to customers 24 hours, seven days a week. Crestar will provide the service on a trial basis without cost for 30 days, after which the monthly fee will be $3 for 15 payments, plus 30 cents for each additional payment.
 To use the service, which can be accessed from any touch tone telephone using a special Personal Security Code, customers will enter the merchant number along with the amount and date of each payment. The payment will be made automatically and the payment amount will be deducted from the customer's checking account. Bills for recurring amounts, including rent, mortgage and car loan payments, for example, can be paid automatically, while customers can change the amount to be paid each month to utilities and others with varying payments.
 Information about the Premier MoneyCard and Crestar Telephone Bill Payer is available at Crestar branches.
 With assets of $13.2 billion, Crestar Financial Corporation (NYSE: CF) is the holding company for three banks with 302 banking offices in Virginia, Maryland and the District of Columbia. Other Crestar affiliates provide insurance, brokerage, mortgage banking and investment advisory services.
 -0- 10/25/93
 /CONTACT: Tony Mattera of Crestar Corporate Communications, 804-782-7844/
 (CF)


CO: Crestar Bank ST: Virginia IN: FIN SU: PDT

DC-IH -- DC025 -- 6458 10/25/93 15:37 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
Words:582
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