Berks bank to share tax savings with customers, community

Will boost charitable giving by $1 million in 2018

WYOMISSING, Pa. - Customers of a Berks County-based bank are being offered the opportunity to benefit from the tax reform bill signed into law by President Trump late last year.

Customers Bank announced Friday that it pass to pass along some of its tax savings to consumers and the community, starting with a bonus checking account that earns two percent interest.

"There is no reason why consumers should settle for the low rates and high fees offered by banks on traditional checking, savings and money market accounts," said Jay Sidhu, the bank's chairman and chief executive officer "Customers Bank decided to offer higher rates on checking and savings and money market accounts, and we're doing so quickly and effectively to help consumers, their businesses, and their communities prosper, while boosting the overall economy."

The new bonus checking account offers two percent APY on monthly average balances up to $100,000, with no fees or minimum balance requirements. To qualify, customers need to use their account's debit card for signature purchases of at least $500 each month.

Customers Bank also announced Friday that it will increase its charitable giving by $1 million in 2018 and continue to pay its employees at least $15 per hour.

"By increasing our charitable giving and investing in our talent, we're investing in the growth of the communities we serve," Sidhu said. "These tax savings will ensure that we can put more money in the hands of communities, families, and small business owners. We expect that this bill will be positive for growth."

Customers Bank is headquartered in Wyomissing and has assets of approximately $10 billion.

DISCLAIMER FOR COMMENTS: The views expressed by public comments are not those of this company or its affiliated companies. Please note by clicking on "Post" you acknowledge that you have read the TERMS OF USE  and the comment you are posting is in compliance with such terms. Your comments may be used on air. Be polite. Inappropriate posts or posts containing offsite links may be removed by the moderator.

This Week's Circulars

Berks Area News

Latest From The Newsroom