Surcharge friends network
Article Abstract:
Electronic Payment Services Inc., the operator of the Money Access Center (MAC) automated teller machine (ATM) network, is allowing member-institutions to impose surcharges selectively. Such surcharges, opposed by consumer advocates and legislators who consider them as anti-competitive, is the extra fees that most banks impose on other banks' clients, for using their ATMs. Slated to take effect on November 1, 1998, the MAC policy change may allow financial institutions to impose a surcharge on customers of one competing bank, but not another, effectively allowing the creation of no-surcharge alliances between smaller institutions. There are presently more than 2,200 thrifts, banks, credit unions and other ATM operators in the MAC network, which serves 40 million MAC cardholders.
Comment:
The operator of Money Access Center ATM network will allow member-institutions to impose surcharges selectively starting 11/1/98
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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Aiming for the top
Article Abstract:
PNC Mortgage plans to grow its services and become a national leader in mortgage lending to boost its revenues. According to PNC Bank Corp.'s 1997 annual report, PNC Mortgage contributed 9% of the company's $4.3 billion revenue. PNC Mortgage holds nearly 660,000 mortgages. The company's growth in the national mortgage operation, which increased its portfolio from $9 billion in 1993 to $60 billion in 1998, was boosted by three major acquisitions, including the purchase of Sears Mortgage Banking Group in 1993 and purchase of five retail mortgage origination offices from Fleet Mortgage.
Comment:
Plans to grow its services and become a national leader in mortgage lending to boost its revenues
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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