Banking: New Services, New Choices by Ram Subramaniam (NAPSA)—Ifyou're like many people, you can remember when stopping by a local bank used to be part of your everyday routine, just like picking up milk at the grocery store. In recent years, changing technology, along with a SE R steady onslaught of fee increases at banks, has helped to reshape people's tations for service or) when it comes to their financial needs. And it has Subramaniam led to a surge in —— online banking through brokeragefirms. Today's technology allows brokerage firms to offer direct deposit, mobile deposit, online and mobile bill payment, as well as debit cards linked to an online brokerage account, without the fees charged by many banks, creating exceptional value. When you consider that the AARPestimates the average bank customer gets hit with $450 in fees every year, it’s clear that these seemingly minor annoy- ances can really add up. If you extrapolate that over 30 years, that's more than $13,000 you could potentially pay in bank fees. To meet the needs of customers and address growing frustrations with fees, some brokerage firms responded by offering an FDIC- insured cash managementaccount with no annual or monthly maintenance fees and full reimbursement of all ATM fees. In addition to reducing fees, having your cash management and brokerage accountsall in one place allows immediate money movement between accounts to take advantage of an investing idea. It also gives customers a moreholistic view of their assets, sometimes with increased FDIC insurancecoverage. Somebrokeragefirmsalsooffer rewards credit cards that can direct up to 2 percent of every purchase into the online cash managementaccount. Whenconsumersdiscover they can get the same bankingservices for a significantly lower price along with exceptional service and other benefits from a brokerage firm, manyare asking themselves: “Do I really need a bank?” That may be why consumers are increasingly abandoningtraditional banks for cash managementsolutions offered by brokerage firms, made easy by the popularity of online and mobile bankingtechnologies. Chances are, you're working harder than ever and need to make the most of your money. Considerthreesteps: 1. Simplify yourfinancial life by consolidating assets at one firm. 2. Keep an eye onfees. 3. Take advantage of cash rewards credit cards for money you're spending anyway. ‘As with mostfinancialdecision making, there is no one right answer, just the answerthat’s right for your particular needs and circumstances. To help investors learn more about what’s right for them, Fidelity created a Viewpoint that gives the pros and cons of movingto a brokeragefirm for banking needs, at https:// www-fidelity.com/view points/doyou-really-need-a-bank. * Mr. Subramaniamis presidentof the retail brokerage and cash management businesses at Fidelity Investments, one of the world’s largest providers of financial services. Fidelity Brokerage Services LLC, Member NYSE, SIPC. 900 Salem Street, Smithfield, RI 02917 {c) 2018 FMR LLC. All rights reserved. 668442.1.0
