Fidelity Does Retail Banking Its Own Way
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Wednesday, July 31, 2013

Fidelity Does Retail Banking Its Own Way

The Boston Globe's Beth Healy reports that Fidelity's [profile] retail banking efforts are beginning to reap rewards. Fidelity's cash management account has $3 billion, a 46 percent increase from a year ago, Healy writes.

Fidelity is being creative and making its own rules. Instead of relying on bank branches and ATMs, Fidelity, which doesn't have a banking license, reimburses banking customers for ATM fees paid at other banks, Healy reports. Customers can also use mobile apps to deposit checks and pay bills online.

Fidelity is trying to attract customers while they're young, Healy writes. If they begin financial relationships with customers while they're young, they may be reluctant to switch to another banking service once their accounts become more complex.

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