News

Chicago bank goes all-digital with new debit/ATM account

The Visa-branded account offers an array of largely free electronic services — bill pay, e-statements, person-to-person money transfers and 70,000 surcharge-free ATMs. And no checkbook.

July 10, 2014

Chicago-based Liberty Bank for Savings has created a new all-digital account for Millennials that replaces a traditional checking account. Simple Debit Plus Visa is a debit card with FDIC insurance and ID theft resolution — and without paper checks.

"Millennials told us they don't want checks, minimum balances or monthly fees," said Kevin Tynan, Liberty senior vice president for marketing. "Since they want to do everything online, we created the account around a first-of-its kind debit card that accesses an array of largely free electronic services — bill pay, e-statements, person-to-person money transfers and 70,000 surcharge-free ATMs."

Simple Debit Plus Visa offers a choice of perks for opening an account, as well as an additional bonus deposit of $50 for accounts that post a recurring electronic credit of $100 or more within 60 days after opening.

Millennials are critically important to the future of banking, according to Tynan. They do most of their banking online and within seven years their collective income will exceed Gen X-ers and baby boomers combined, he said.

According to Tynan, Simple Debit Plus can also be a helpful budgeting tool. "Account holders can deposit $500 for a weekend trip or a mall sale, and when they reach their limit they can't spend more," he said. The account integrates text messages and email alerts to help cardholders monitor activity and balances.