- Bank also announces $1 million increase in charitable giving in 2018
- All Bank employees earn $15 or more per hour
WYOMISSING, Pa., Jan. 05, 2018 (GLOBE NEWSWIRE) -- Customers Bank (NYSE:CUBI), one of the region’s leading community banks with operations in Pennsylvania, New York, New Jersey and New England, announced today that it will pass some of its tax savings along to consumers following the passage of the U.S. Tax Reform Bill- starting with a Bonus Checking earning 2.00% APY for consumers across America. This offer surpasses the interest rates paid by most money market accounts and checking accounts which, according to BankRate.com, pay average annual rates of only 0.06% APY. As of January 4, 2018 according to their websites, Bank of America pays only .02% on certain special checking accounts and charges fees of up to $25 per month and pay only up to .06% on savings and charge fees of up to $8/month for low balance customers. Chase pays only .01% interest on its Premium Platinum checking and charges monthly fees of up to $25 for low balance customers. The highest money market rate offered today in the U.S. is approximately 1.50%, which is significantly lower than Customers Bank’s 2.00% APY Bonus Checking rate.
“There is no reason why consumers should settle for the low rates and high fees offered by banks on traditional checking, savings and money market accounts,” said Jay Sidhu, Chairman and Chief Executive Officer of Customers Bank. “We want all consumers to ask themselves why it is that banks are not increasing Checking and Savings rates when the Federal Reserve has increased rates by 1.25% over the past few quarters. Perhaps high taxation, above-average regulatory burden or simply greed by many banks have kept deposit rates this low; but this cannot continue if America is to reap the full benefits of the improving economy. Customers Bank decided to offer higher rates on checking and savings and money market accounts, and we’re doing so quickly and effectively to help consumers, their businesses, and their communities prosper, while boosting the overall economy.”
The new Bonus Checking account offers 2.00% APY on monthly average balances up to $100,000. There are no fees and no minimum balance requirements. Bonus Checking Customers can write as many checks as they wish and are not charged by Customers Bank to use ATMs. Bank customers can remotely deposit checks with certain limits, using their mobile devices. To get this Bonus Checking account rate, Customers simply need to use their Bonus Checking VISA Debit Card, just like they normally use their credit cards, for signature purchases amounting to at least $500 each month. The Bonus Checking combines the convenience of a Checking Account with high rates of a Money Market Account, all in one account.
Customers Bank will also increase its charitable giving by $1 million in 2018, and will continue to invest in its talent, who all already earn at least $15 per hour – a rarity in banking. “By increasing our charitable giving and investing in our talent, we’re investing in the growth of the communities we serve,” said Sidhu. “These tax savings will ensure that we can put more money in the hands of communities, families, and small business owners. We expect that this bill will be positive for growth.”
About Bonus Checking
Bonus Checking combines the convenience of a checking account while paying the higher savings interest of a money market account. There’s no minimum balance. No monthly fees. No limits on debit card usage or check writing. No ATM charges from Customers Bank although other ATM owners may charge you.
Annual Percentage Yield (APY) as of 12/13/2017. To be eligible to open this account, new money is required (funds not currently on deposit with Customers Bank). APY of 2.00% will be guaranteed on all balances through February 23, 2018. As of February 24, 2018 all balances will earn 0.25% APY and the additional bonus APY of 1.75% will only be earned when the Visa Debit Card signature based purchases equal $500 or more during the statement cycle. The “Bonus” APY of 1.75% will be calculated on the average daily balance for the statement cycle and credited on the statement cycle ending date for average daily balances up to $100,000.99. During statement cycles when the Visa Debit Card signature purchases do not total $500 or more, the Bonus checking account will earn 0.25% APY. Bonus Checking is a variable rate account and the account interest rates and APYs may change after February 23, 2018 without notice. Limit of one Bonus Checking account per tax identification number. For consumers only. No monthly fees. Other checking fees may reduce earnings. Consumers should check with their local banks about rates and fee schedules on all their bank accounts.
For more information on Bonus Checking, consumers across America can call 267-327-4939 or open an account on-line at www.customersbank.com/bonuschecking.
About Customers Bank and Customers Bancorp, Inc.
Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $10 billion that was named by Forbes magazine as the 35th Best Bank in America (there are over 5,700 banks in the United States). A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts, New Hampshire, 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 Concierge Banking® by appointment at customers’ homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.
Customers Bancorp, Inc. voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the Company's website, www.customersbank.com.
Chairman & CEO
President & COO