Webster Bank Introduces New Checking Account for Tech-Savvy Customers

Apr 03, 2012, 15:37 ET from Webster Bank

WATERBURY, Conn., April 3, 2012 /PRNewswire/ -- Webster Bank is rolling out a new checking account this week especially for electronic banking enthusiasts: eChecking, an "easy to be free" account designed especially for consumers who prefer to perform the majority of their bill payment and other banking transactions online.

"Our eChecking product is an exciting new addition to our current suite of consumer checking products," said Michelle Crecca, executive vice president and chief marketing officer. "Increasingly, our customers are becoming strong users of online and mobile banking, online bill payment and direct deposit. Many of them seldom write paper checks and choose to receive their statements electronically instead of in the mail. After examining those preferences, we realized that we had all the right ingredients to create a new account service that does not require a minimum monthly balance in order to be fee-free."

Webster Bank's eChecking product is fee-free to customers who write five or fewer paper checks per month, select online delivery of their bank statement and have at least one direct deposit of $500.00 or more per month. A maximum $5.00 monthly fee will be incurred in any given month that the direct deposit and/or paper check writing requirement is not met, but that fee will be waived for customers 22 years of age or younger.

Separately, customers who choose eChecking and opt to continue receiving a paper account statement in the mail will incur a $5.00 per month fee.

Webster's eChecking is the latest in a series of technology enhancements the bank is launching in 2012. In mid-March, Webster announced upgrades to its network of 291 ATM machines that include envelope-free deposits, "picture perfect" receipts, on-screen "favorites" settings that can be customized by individual customers, and an ADA-compliant voice guidance option that enhances the current Braille signage and controls for visually-impaired customers.

Webster Financial Corporation is the holding company for Webster Bank, National Association. With $19.0 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 168 banking offices, 485 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

Media contacts: Sarah Barr (203) 578-2287 (CT/NY) or Brenda Greene (401) 228-2083 (MA/RI)

Investor Contact: Terry Mangan (203) 578-2318

SOURCE Webster Bank