North Shore Bank Will Pay Customers To Use Their... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » North Shore Bank Will Pay Customers To Use Their Debit Card

North Shore Bank Will Pay Customers To Use Their Debit Card

North Shore Bank Will Pay Customers To Use Their Debit Card
The content is accurate at the time of publication and is subject to change.

North Shore Bank in Peabody, MA, is about to do something they have never done in the past – offer their checking account customers transaction-based rewards in exchange for their meeting certain monthly guidelines.

“This is our first foray into a rewards loyalty program. The only thing we`d really done before was a quarterly debit card promotion,” said Jim Muse, a senior retail banking officer for North Shore, according to American Banker.

Many community banks across the nation have been struggling to come up with new sources of revenue in what has become an overall tight lending environment.

“We are flush with cash as a lot of banks are right now – lending is down. So we want to focus more on accounts,” said Muse to American Banker.

North Shore Bank will begin to pay customers if they increase their debit card use and automate their accounts. This rewards incentive program is being implemented in anticipation of future regulations to passed that will restrict traditional credit card fees as well as an attempt to increase the bank`s revenue and attract a younger customer base.

In addition to the $3 the bank will pay to customers who achieve specific balance, transaction and digital channel goals, eligible customers may receive up to $25 in reimbursements for out-of-network ATM fees issued by other banks. North Shore is hoping that by attaching rebates to debit cards they will not only retain current banking customers but also acquire new ones.

The specifics are as follows: to qualify for the perks offered by the cash-back checking program, customers must maintain an average daily balance of $1,000 to avoid being issued a $12 fee as well as have the account set up to receive funds via direct deposit, sign up to receive ATM statements electronically and make at least 10 debit card point of sale payment transactions plus a minimum of three bill payments via the consumer web portal offered by the bank.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Get 100,000 Bonus Points with the Radisson Rewards Premier Visa Signature

Posted: December 14, 2018

If you have been thinking about getting the Radisson Rewards Premier Visa Signature credit card, now might be the time to take another look because it now comes with 100,000 bonus points. This is a limited time offer, which is in play from ... Continue reading
Minor League Baseball and Allegiant Airlines Partner Up

Posted: December 13, 2018

Allegiant Airline and Minor League Baseball have inked a deal paving the way for a credit card partnership, one giving fans a credit card that reflects their fandom in terms of rewards whether they are traveling or catching a game. When ... Continue reading
Capital One Partners Up With Airlines

Posted: December 12, 2018

Capital One has partnered up with 14 airlines so that Venture and Spark cardholders can now use miles to pay for their flights. What is the transfer ratio? All of the carriers that have partnered up with Capital One, except for Emirates ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!