À-la-carte Banking Becomes a Reality
BY SIMON ZHEN
You can choose the parts for your new computer. You can select the features of your smartphone mobile-subscription plan. You can “build a bear.” Customization: a retail model that thrives on offering autonomy and transparency to consumers, who can choose to pay for only the features or services that they want. The banking industry has largely avoided this “à la carte” model, but that is no longer the case.
Union Bank, the fourth-largest bank in California by deposits, has introduced a new program that lets customers design their own checking accounts, unlike the pre-configured accounts available at most banks.
Through Union Bank’s “Banking By Design” platform, customers create a checking account that starts off with a base monthly fee of $3. Additional features, some of which have monthly fees, can be added on.
Some of the free features include a debit card, online and mobile banking, electronic statements and account alerts — these are normally free with most checking accounts anyway.