Needham Bank, an innovative mutual bank, is among only a handful of institutions nationally to eliminate all but one personal checking account. This strategy diverges from the trend in banking to offer a myriad of accounts with different fees, features, and requirements.
NB Checking, the Bank’s flagship account, features no monthly service fees or minimum balance requirements. However, contrary to most free accounts, NB Checking pays interest on every dollar deposited and provides automatic reimbursement of every ATM fee from any ATM in the world.
“Are we driven by profits? Of course we are,” explained Mark Whalen, CEO of Needham Bank. “But not to the degree where we drive away customers because our priority is service-charging them into submission. We’ve eliminated the confusion of checking account selection by offering one account that comes fully-loaded. I don’t think anyone comes into a bank wanting to choose between functions and fee schedules. Folks want a checking account with all of the features available to banks. They don’t want to have to qualify for one account over another with all types of confusing restrictions. And they don’t want to have to pay to get to their own money.”
The strategy to forego many of the service charges and fees typically found at other institutions is paying off for the now $1.7 billion Needham Bank. Being fee averse and an early adopter of products like mobile banking and instant debit cards has helped CEO Whalen see the Bank’s assets grow 53% from March 31st 2013 to March 31st 2015. As for the new NB Checking account, this past June the Bank opened more checking accounts than in any month during its 123 year history.
About Needham Bank
Needham Bank, headquartered at 1063 Great Plain Ave. in Needham, MA, is the quintessential community bank, serving Boston and its neighboring communities continuously since 1892. Needham Bank represents the evolution of community banking™, offering the latest financial products and technologies, while maintaining an unwavering commitment to the communities served. For more information please visit NeedhamBank.com. Needham Bank is a member of FDIC and SIF.
Needham Bank’s CEO, Mark Whalen