Banks Continue Passing on Tax Savings to Customers, Employees

With banks continuing to announce post-tax reform initiatives to share savings with customers, employees and communities, the American Bankers Association is refreshing daily its page at aba.com/EnergizingTheEconomy documenting these efforts. The page helps the public and policymakers understand the real-world effects of the historic tax reform bill.

Other additions have been announced in recent days:

  • Customers Bank, based in Wyomissing, Pa., today said it would provide a generous APY of up to 2 percent on newly opened “bonus checking” accounts with debit card spending of at least $500 in each statement cycle. It also announced a $15 per hour minimum wage and a $1 million increase in charitable giving in 2018.
  • Boston-based Meridian Bancorp said it would build six new branch locations, increase charitable giving to at least $1 million, raise its minimum wage to $15 per hour and add 20 percent to the bank’s bonus pool for which all employees are eligible.
  • Wayzata, Minn.-based TCF Financial Corporation announced it would provide $5 million in one-time bonuses ($1,000 for full-time employees and $500 for part-timers, exclusive to employees earning less than $100,000 per year) and donate $5 million to its charitable foundation, enabling the TCF Foundation to double its employee contribution match.
  • Fidelity Bank in Dunmore, Pa., will pay $1,000 bonuses to full-time employees earning under $100,000 and contribute $500,000 to a newly created charitable foundation.
  • Central Bancompany, a multi-bank holding company in Jefferson City, Mo., announced today that it would pay full-time employees a one-time $1,000 bonus and part-timers a $500 bonus.

ABA is promoting the page on post-tax reform initiatives with digital ads in the popular Axios PM newsletter next week.