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Dollar Bank Launches Perfect Prepaid Checking: A No Overdraft Fee, Worry-free Banking Solution

November 21, 2014

Dollar Bank has announced the launch of Perfect Prepaid Checking, an account offering the benefits of a prepaid card with no overdraft fees plus all of the safety and conveniences of a traditional checking account.

“As a mutual bank, we believe it’s critical to listen to customer feedback and provide the products and services that meet their needs,” said Jim McQuade, Executive Vice President of Retail Banking . “So we developed Perfect Prepaid Checking as another useful and convenient banking option available to our customers. Customers who currently use other prepaid cards along with their traditional Dollar Bank checking account can now keep all of their accounts in one place by also taking advantage our Perfect Prepaid Checking Account.”

“It’s also the perfect account to help customers new to banking establish a financial relationship,” continued Mr. McQuade. “In addition, this account can be a great option to help those who may be struggling to manage their finances by providing Online Banking with bill payment, a linked savings account and budgeting services.”

According to a 2013 FDIC National Survey of Unbanked and Under Banked Households, almost one in three households (30.8%) reported high or unpredictable account fees as one reason they did not have accounts at a financial institution. That’s not to suggest that all prepaid card users do not have bank accounts. A 2013 survey by the PEW Charitable Trust titled “Why Americans Use Prepaid Cards” noted that the majority (59%) of consumers who used prepaid cards in the past year currently have a checking account at a bank. Prepaid card users are looking to gain control over their finances. They cited that buying online, avoiding credit card debt, not spending more than they have and avoiding overdraft fees are key motivators.

Perfect Prepaid Checking is more affordable than prepaid cards with a low monthly fee of only $5.00. It’s also less costly than risking an overdraft fee. Purchases or payments that would exceed what a customer has available in their account will be declined so an overdraft fee will never be charged. Customers also won’t have to worry about fees for bounced checks since they can pay all of their bills in Online Banking or with the Dollar Bank App on their mobile device.

Customers can always keep track of their accounts with free Online Banking, the Dollar Bank App, Account Alerts and Text Message Banking – just like a traditional checking account. With this account, customers have totally free access to over 55,000 Dollar Bank, Allpoint and Freedom ATM Alliance® network ATMs. There is also a companion savings account that’s perfect for those who not only want to manage today’s spending but budget for future goals.

“We know that value and convenience are key drivers to customer satisfaction,” said Mr. McQuade. “Perfect Prepaid Checking with its predictable monthly fee, absence of overdraft fees, and access to Dollar Bank’s cutting-edge banking technology delivers on the value and conveniences people desire from their checking account at a bank.”

About Dollar Bank

Dollar Bank is the largest independent mutual bank in the nation with assets of more than $6.7 billion.* Today, Dollar Bank operates more than 64 locations throughout the Pittsburgh and Cleveland metropolitan areas. For over 159 years, Dollar Bank has grown to become a large, full service, regional bank committed to providing the highest quality of banking services to individuals and businesses. Dollar Bank (www.dollarbank.com) is headquartered in Pittsburgh, Pennsylvania.

*Source: fdic.gov, mutual institutions as of 6/30/14.

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