Cleveland, OH (PRWEB) April 2, 2007
National City is celebrating its participation in America Saves during the first annual America Saves Week, February 25 - March 4, 2007, by announcing its first-ever Savings Account product free of a minimum balance requirement and free of a monthly fee. Beginning Monday, March 5, the new savings features will be available to all new and existing checking account customers, offering free online banking and bill pay and access to points from National City, National City's industry-leading everyday banking rewards program.
"We understand that establishing an emergency fund and short term savings tools is a universal financial need, and National City is committed to helping our customers build wealth and create healthy savings habits," said Daniel J. Frate, executive vice president for retail banking at National City. "It has never been more important to raise awareness for the need for savings. There is currently a negative savings rate in the United States, which clearly demonstrates the fundamental need to provide consumers with affordable and accessible ways to save. By eliminating our minimum balance requirements and monthly fees, we believe we have broken down one of the barriers to establishing savings accounts."
The new savings product, one of the industry's best savings accounts, complements a National City/America Saves motivational workshop entitled "From Debt to Wealth: How to Save $1 Million," which educates participants on the principles of wealth building, debt reduction and the steps toward reaching savings goals, and was developed with assistance from the Consumer Federation of America (CFA). National City is presenting the workshop free of charge to members of the communities it serves in its Midwest banking footprint.
According to Jim Matthews, senior vice president and corporate community reinvestment manager for National City, "We are proud to announce this savings enhancement in conjunction with America Saves Week, as the National City/America Saves program is one of our bank's key financial education initiatives. Since we piloted this program in 2005, I am pleased to report that we have presented this workshop to over 3,000 individuals in our footprint, including our employees, persons with low to moderate income, and those with more mainstream incomes. In 2007, we hope to double the number of our employees certified to present the workshop. Our skills and knowledge as bankers allow us to help others gain basic information and behaviors for a bright financial future."
Stephen Brobeck, executive director of the Consumer Federation of America said, "Our first annual America Saves Week is focused especially on the 60% of all Americans who do not have an emergency savings fund. Such a fund reduces the need to use high cost credit and predatory loans when common emergencies arise. We applaud National City for its many savings initiatives that range from the Debt to Wealth workshop to its new and innovative savings product."
More information on America Saves is available at National City branches and at barany(at)consumerfed.org. To open a savings account at National City, visit any one of the bank's more than 1,200 retail branches, online at http://www.nationalcity.com or call 1-800-622-0332.
National City also offers a full suite of checking products, free online banking, and the best savings accounts to fit any lifestyle. For more information, visit National City online at http://www.NationalCity.com.
About National City
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. For more information about National City, visit the company's Web site at http://www.nationalcity.com.