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 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.