Printer Friendly

FIRST UNION INTRODUCES CHECKCARD AND TWO NEW BANKING PACKAGES

 ATLANTA, Sept. 29 /PRNewswire/ -- First Union is introducing "CheckCard," a card that works like a check. Customers can use the card anywhere Visa is accepted, and purchases will be automatically deducted from their checking accounts.
 "Using First Union's CheckCard is as easy as signing your name to a receipt," said Roberta Schroeder, vice president in corporate marketing. "It eliminates the delay of waiting for a check to be approved and is accepted by more than 10 million Visa merchants worldwide. Customers have told us they want the card because it's so convenient to use, it allows them to carry less cash, and they write fewer checks."
 When customers do need cash, they can use CheckCard as an ATM card. For customers who already have First Union's 24-Hour Banking Card, First Union will even assign the same four-digit Personal Identification Number (PIN) when they convert to CheckCard. CheckCard can replace the ATM card so that each customer needs only one card and one PIN.
 CheckCard is being introduced this week in North Carolina, South Carolina, Georgia and Florida, and at former Meritor Savings and Sailors & Merchants locations. It will be introduced at former Dominion Bank locations in October and former First American locations in December when First Union signs go up.
 At the same time, First Union is also introducing two new Customized Banking packages: "Resource Banking," designed primarily for those aged 25-40 who typically are users of credit, and "Senior Organized Banking," for those 55 and older with modest incomes. Each package, which includes a checking account and many other features, is provided at no charge to those who meet minimum balance requirements. Seniors can have the account at no charge simply by having their Social Security or payroll checks directly deposited at First Union.
 "What makes our Customized Banking packages unique is the fact that customers can count their outstanding balances on installment loans, credit cards and home equity loans toward their minimum balance requirements," Schroeder said.
 "Traditionally, only deposits have been counted toward meeting those requirements. We think it's time to give customers credit for their total banking relationship with us."
 The minimum balance requirement is $2,500 for Resource Banking. Customers can count the balances in their loan and deposit accounts, or in their annuity or certain First Union Funds accounts. Among other features of Resource Banking are:
 -- A non-interest checking account;
 -- A second non-interest checking account with no monthly fee for a spouse, child or other account holder;
 -- CheckCard at no charge, for those who qualify;
 -- No charge for check orders or use of First Union's 24-Hour Information Service;
 -- Prime Option Visa or MasterCard with no annual fee, for those who qualify;
 -- Use of First Union's 24-Hour Banking Machines at no charge;
 -- Accidental Death and Travel Accident Insurance at no charge.
 Senior Organized Banking complements First Union's existing Benefit Banking for seniors, which has typically been used by those with higher incomes. Senior Organized Banking includes:
 -- A non-interest checking account;
 -- Prime Option Visa or MasterCard with no annual fee, for those who qualify;
 -- 50 percent off on wallet-style checks;
 -- Return of canceled checks;
 -- Official checks, money order, traveler's checks and notary service at no charge;
 -- A discounted safe deposit box;
 -- Travel Accident and Accidental Death Insurance.
 Customers who qualify may use their CheckCards with any type of First Union account and may apply at any First Union location. Unlike other debit cards -- which may cost as much as 50 cents per transaction, in addition to a monthly or annual fee -- First Union's CheckCard has no fee per transaction. The monthly fee is waived for customers who have certain Customized Banking accounts. The $2 monthly fee is waived for every CheckCard customer for the first six months.
 First Union Corporation (NYSE: FTU FTUpr) reported assets of $72 billion at June 30, 1993, and operated 1,434 banking offices in Florida, North Carolina, South Carolina, Georgia, Virginia, Tennessee, Maryland and Washington, D.C., and 232 nonbanking offices in 36 states and the District of Columbia.
 -0- 9/29/93
 /CONTACT: (Media) Donna Stockton of First Union, 704-374-6999/
 (FTU)


CO: First Union Corporation ST: Georgia IN: FIN SU: PDT

SB -- CH006 -- 6723 09/29/93 10:15 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 29, 1993
Words:699
Previous Article:FIRST UNION INTRODUCES CHECKCARD AND TWO NEW BANKING PACKAGES
Next Article:FIRST UNION INTRODUCES CHECKCARD AND A NEW BANKING PACKAGE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters