Customers Bank announces "still free" checking

WYOMISSING, Pa., June 25, 2013 /PRNewswire/ -- In the wake of recent reports that several big national banks are phasing out free checking accounts, Customers Bank announced today that its own commitment to providing customers with free checking service options will continue unabated.

"We built our success on giving our customers what they want," said Warren Taylor, President of Community Banking for Customers Bank. "That's why we will continue to offer free checking service options designed to meet individual customer needs."

The bank's recent honors would seem to underscore the success of that approach. Less than two months ago, Bank Director magazine named Customers Bank the nation's fastest growing bank in its 2013 Growth Leaders Ranking. Just last month, CEO & Chairman Jay Sidhu rang the opening bell to celebrate the arrival of Customers Bank's parent company, Customer Bancorp, Inc., on NASDAQ.

"That kind of success doesn't happen unless you're keeping your customers happy," Taylor noted. "And offering a totally free checking option is part of that commitment. No minimum balance requirement. No monthly fee. No per check charges. We don't charge you our fee for using other banks' ATMs. It doesn't get much simpler than that."

According to Taylor, Customers Bank's strategic focus has been built on a commitment to the adoption of innovative technology and a "high tech, high touch" approach to customer service.

Rather than time-consuming trips to the bank, customers can access a range of mostly free services to satisfy their day-to-day banking needs, including:

• Online banking
• Bill pay
• Mobile check deposit
• Text alerts
• Person-to-person payments via POP money
• Cash back rewards on debit card purchases
• Financial planning tools, etc.

The approach has additional benefits as well, explained Taylor.

By utilizing innovative technology to provide efficient, personalized service, Customers Bank is able to keep its own operating costs down. By planned design, the bank is able to do more with less, Taylor explained. "As a result, we don't have to rely on a costly network of 'brick and mortar' branches to satisfy our customers' needs."

"The savings in operating costs enables us to offer a better value proposition to our customers in terms of better rates and deposit yields, low-or-no fees – and no 'gotcha' fees," Taylor said. "Instead of paying rent to a landlord, we can offer better rates to our customers."

This is something that other banks would have great difficulty trying to duplicate, he said. "It's also a big reason why many of them have been increasing fees for checking accounts and other services – they need to raise revenues to pay for the operating costs of their expensive branch networks."

"We employ a range of technological solutions in order to enhance the personalized aspect of our customer service approach," Taylor said. "Our ultimate goal at Customers Bank is to provide our customers with a banking experience that is as convenient and effortless as possible."

For more information about free checking and other products and services offered by Customers Bank, visit the bank's website at:  www.customersbank.com.

About Customers Bank

Customers Bank is a community-based, full-service bank headquartered in Phoenixville, Pa., with assets of approximately $3.5 billion.  A member of the Federal Reserve System and deposits insured by the Federal Deposit Insurance Corporation ("FDIC"), Customers Bank provides a full range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers. Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company based in Wyomissing, Pa. For more information, visit www.customersbank.com.  Follow us at www.twitter.com/@CustomersBank

SOURCE Customers Bank