This bank is ditching fees amid the rise of cheap checking accounts from fintech upstarts [CNBC]
American Express Company (AXP)
Last american express company earnings: 4/24 07:00 am
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Source: CNBC
This bank is ditching fees amid the rise of cheap checking accounts from fintech upstarts Discover As an internet bank with only one branch, Discover's deposit products already touted no monthly maintenance fees. But the bank still charged a host of $15 and $30 penalties for things like insufficient funds, excessive withdrawals and sending wire payments. That ends as of Monday, according to Discover executive Arijit Roy. "We wanted to be the first major bank to eliminate all fees from deposit products," Roy said in a telephone interview. "Fees erode trust and create a very negative emotion, and millennials and Gen Z customers in particular don't like 'gotchas' or fees buried in the fine print." Customer penalties are a significant source of revenue for the financial industry: The ten biggest banks collected more than $11 billion in overdraft fees in 2017, according to the FDIC. But the public began to view the fees differently after the U.S. government bailed out banks during the fina
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AXP
Earnings
- 1/26/24 - Miss
AXP
Sec Filings
- 3/15/24 - Form DEFA14A
- 3/15/24 - Form DEF
- 3/15/24 - Form 8-K
- AXP's page on the SEC website