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Union Bank Unveils Banking By DesignSM

Stocks in this article: MTU

Union Bank, N.A., today unveiled Banking By Design SM – an innovative new way of banking, which allows customers to design a checking account that fits their needs. Banking By Design “unbundles” the traditional checking account and offers a wide range of optional features, each with associated costs clearly visible and with many at no cost.

New and existing Union Bank customers can design their own checking account by choosing only the services they want. The base cost of $3 per month can easily be waived if the customer makes one direct deposit of $250 or more each statement period. Consumers can design their account at bankingbydesign.com, and after customizing it, they can call or visit a Union Bank branch to open the account. Accounts can also be designed in a Union Bank branch with the support of a personal banker, and the ability for consumers to open their Banking By Design account online after customizing will go live in January 2013, giving them yet another convenient option.

“Banking By Design was created in direct response to consumer research and demand for control and transparency in their banking, and its innovation builds on the idea that today’s consumer expects the ability to customize the products and services that are important to them,” said Union Bank Senior Executive Vice President Pierre P. Habis, head of Community Banking. “Consumers made it clear that they want a fair value exchange – they only want to pay for what they need. Banking By Design delivers on that, and we know this will be a welcome shift for consumers when it comes to their banking relationship with Union Bank.”

“Many categories today require consumers to choose from bundles at a set cost, while other categories, such as the computer industry, have evolved to enable consumers to customize a product based on their needs. With Banking By Design, we are bringing this approach to banking,” explained Union Bank Senior Vice President Maha Madain, head of Consumer Deposits and chief designer of Banking By Design. “Banking By Design is the future of responsible, transparent and responsive banking.”

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