Fleet Launches 'Small Business Value Package'

Thursday Mar 14th 2002 by SmallBusinessComputing Staff
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FleetBoston Financial announced the launch of its Small Business Value Package, a new suite of products that delivers business checking, no cash handling fees, money market savings, and other services that may appeal to small businesses.

Wayne N. Kawamoto
Managing Editor, www.smallbusinesscomputing.com

The Small Business Services division of FleetBoston Financial announced the launch of its Small Business Value Package, a new suite of products that delivers services for a flat monthly fee.

According to FleetBoston, its Small Business Value Package combines these features and benefits:

- Business Checking with 200 free monthly transactions
- No cash handling fees for cash transactions
- Money Market Savings with no monthly maintenance fee and no minimum balance
- Free overdraft protection for checking with free, automatic transfers from money market savings account
- Free OfficeLink online banking with free bill payment
- Business Credit Card with no annual fee for the first year and up to $50,000 in credit. Includes a rewards program that provides opportunities to earn free airline miles
- Special discounts on payroll services (one free month of payroll processing/one free year of direct deposit processing, and $5.00 rebates for every month in which payroll is processed)
- Special discounts on merchant credit card services ($85 set-up fee is waived, and a $5.00 rebate in every month in which it is used)
- Combined monthly statement
- ATM and Debit cards

The monthly fee is $19.95. ($24.95 monthly fee in New York City, Long Island, Westchester County.) The monthly fee is waived when an average daily balance of $20,000 is maintained in the checking account.

Fleet says it has tested the product in three markets (Long Island, NY; Westchester County, NY; and Providence, RI) resulting in more than 900 Value Package accounts opened during a 10-week pilot. Nearly 80% of account openings came from new customers during the pilot program.

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