Banks offer incentives to capture customers, market share

05/17/2010 | U.S. Banker

JPMorgan Chase, SunTrust, Key Bank, PNC Financial Services Group's National City and other banks are increasingly competing for consumers by handing out bonuses to customers that open new checking accounts and link them to common services such as direct deposit. The incentives can be worth as much as several hundred dollars and come as interest rates on savings accounts decline. "What we've seen is an uptick in both the number of banks offering the service and the amount of cash payouts," said Doug Johnson, vice president of risk management policy at the American Bankers Association.

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