Jon Rosenfeld – Executive Vice President Of Retail-Deposits Product For TD Bank
We’ve all seen the headlines and they all say the same thing: Free checking is gone. With the passing of new regulations on financial institutions, many banks throughout the nation are making changes to their products in order to recover revenue they’re losing as a result of those new rules.
The primary targets of those changes are checking accounts, specifically those that were touted as “free checking.” Almost all the major banks are revamping their checking products and although some financial institutions are no longer using “free checking” to identify their new accounts, it should be noted that free checking is not entirely gone. Some experts argue that banks are simply redefining what the new era of checking – including free checking – will be in light of the headwinds banks face with the new rules. The slew of new checking products will certainly leave many consumers wondering where they can get the most benefit from their checking account.
“Free checking” was never free. Checking accounts with high balances help cover the costs associated with maintaining the accounts. The fee income banks generated before the new government regulations on overdraft and debit cards took hold, helped to pay for the no-balance requirements associated with the “free checking” accounts of the past, though customers still had to pay for essentials like checks, statements, stop payments, money orders, and debit cards. Contrary to popular belief, new kinds of free checking accounts with perks like free checks, no fees, and access to thousands of ATMs are still being introduced today. The changes to checking accounts, including free checking, are vast and they vary, but there are a few things to keep in mind in order to navigate the changing landscape and identify the account that’s right for you.
Jon Rosenfeld, Executive Vice President of Retail Deposits Product for TD Bank will explain this how these new services will help customers take better control of their finances.
For more information please visit: www.tdbank.com/checkingselector
More About Jon Rosenfeld:
John Rosenfeld is Executive Vice President of Retail Deposits Product for TD Bank, America’s Most Convenient Bank Prior to joining TD Bank in September,2010, Rosenfeld was managing director, online engagement at TD AMERITRADE. In that role, he was responsible for the online client experience and all engagement activities through their online channel. He also managed the online, social media and mobile strategies for TD AMERITRADE. He is noted for leveraging a virtual investment consultant (Avatar) to generate over $300 million in net new assets and over $3.5 million in revenue and cost savings in the first year of operation. Before entering the financial services industry, Rosenfeld worked with General Electric Aircraft Engines, where he was their first e-Commerce leader. He has a bachelor’s degree in mechanical engineering from Norwich University in Northfield, Vermont.
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