Paramount Bank Announces No-Fee Deposit Services for Consumers

Paramount Bank Also Pays Highest Interest Rates in Detroit Area



Apr 20, 2001, 01:00 ET from Paramount Bank

    FARMINGTON HILLS, Mich., April 20 /PRNewswire Interactive News Release/
 -- Paramount Bank has announced it is offering all its deposit services free
 of charge to consumers who maintain a minimum monthly account balance of $150.
 At a $500 monthly balance, Paramount Bank will pay interest on consumer
 checking accounts at one of the highest rates in the Detroit area.  The no-fee
 services include monthly banking fees, check ordering fees, cashier's check
 fees, teller transaction fees and more.  Fees at other Detroit-area banks for
 consumers can be $20.00 per month or more and may require a higher minimum
 balance.
     "A consumer can spend $200 per year or more in banking fees," said Jeffery
 Sugg, President of Paramount Bank, "which means we can save our customers
 hundreds of dollars per year and they can earn more on their money.  They win
 both ways."
     Paramount Bank consistently pays a higher interest rate on checking,
 savings, money market accounts and certificates of deposit than the other
 banks in the metro Detroit area.  "We don't run gimmicky specials where the
 interest rate drops after a certain time-period," said Sugg.  "We believe our
 customers deserve a consistently high rate of return on their deposits."
     "We want to build our bank business on relationships, not transaction
 fees," said Sugg.  "People are tired of being nickeled and dimed every time
 they do their banking.  We are creating a business that is totally customer-
 oriented.  Consumers can come to Paramount Bank and feel they know us.
 They'll know we can take care of their money, help them out with a loan, offer
 banking services without charging them a fee every time they walk in the
 door."
     With bank fees increasing at a rate higher than the rate of inflation and
 Michigan noted as one of the most expensive states for banking fees,
 Paramount Bank will be the only bank in Michigan and just one of very few
 banks in the country to offer no fee services on deposit accounts.  Paramount
 Bank is committed to being the most customer friendly bank in the Detroit
 area.
     Paramount Bank, founded in 1998, was established to serve the financial
 needs of the community, its businesses and citizens with products that meet
 the needs of today's customer.  Paramount offers a full range of banking,
 lending and mortgage services.  Paramount Bank currently has two full-service
 locations in Oakland County located in Farmington Hills and Birmingham plus a
 loan production office in Macomb County in Clinton Township.
 
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                http://tbutton.prnewswire.com/prn/11690X40083425
 
 

SOURCE Paramount Bank
    FARMINGTON HILLS, Mich., April 20 /PRNewswire Interactive News Release/
 -- Paramount Bank has announced it is offering all its deposit services free
 of charge to consumers who maintain a minimum monthly account balance of $150.
 At a $500 monthly balance, Paramount Bank will pay interest on consumer
 checking accounts at one of the highest rates in the Detroit area.  The no-fee
 services include monthly banking fees, check ordering fees, cashier's check
 fees, teller transaction fees and more.  Fees at other Detroit-area banks for
 consumers can be $20.00 per month or more and may require a higher minimum
 balance.
     "A consumer can spend $200 per year or more in banking fees," said Jeffery
 Sugg, President of Paramount Bank, "which means we can save our customers
 hundreds of dollars per year and they can earn more on their money.  They win
 both ways."
     Paramount Bank consistently pays a higher interest rate on checking,
 savings, money market accounts and certificates of deposit than the other
 banks in the metro Detroit area.  "We don't run gimmicky specials where the
 interest rate drops after a certain time-period," said Sugg.  "We believe our
 customers deserve a consistently high rate of return on their deposits."
     "We want to build our bank business on relationships, not transaction
 fees," said Sugg.  "People are tired of being nickeled and dimed every time
 they do their banking.  We are creating a business that is totally customer-
 oriented.  Consumers can come to Paramount Bank and feel they know us.
 They'll know we can take care of their money, help them out with a loan, offer
 banking services without charging them a fee every time they walk in the
 door."
     With bank fees increasing at a rate higher than the rate of inflation and
 Michigan noted as one of the most expensive states for banking fees,
 Paramount Bank will be the only bank in Michigan and just one of very few
 banks in the country to offer no fee services on deposit accounts.  Paramount
 Bank is committed to being the most customer friendly bank in the Detroit
 area.
     Paramount Bank, founded in 1998, was established to serve the financial
 needs of the community, its businesses and citizens with products that meet
 the needs of today's customer.  Paramount offers a full range of banking,
 lending and mortgage services.  Paramount Bank currently has two full-service
 locations in Oakland County located in Farmington Hills and Birmingham plus a
 loan production office in Macomb County in Clinton Township.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X40083425
 
 SOURCE  Paramount Bank