LOS ANGELES, Oct. 12, 2011 (GLOBE NEWSWIRE) -- In the wake of fee increases by some of the nation's largest banks, City National Bank today announced that it is not imposing monthly debit card charges upon its clients.
"Given its fundamental focus on its clients and communities, City National believes that the right thing to do for its clients in this economic and political environment is to absorb the significant added costs that have been unfairly imposed on all banks by the Durbin Amendment," said Chairman and CEO Russell Goldsmith. "Since, regrettably, that new law does not require any benefit for consumers, we believe it is unfair to burden our clients with a new charge."
The Durbin Amendment was part of the Dodd-Frank financial reform legislation that was enacted in January of this year. It substantially reduces the "swipe fee" issuers receive from merchants for each debit card transaction.
In addition to providing its clients with debit cards at no monthly charge, City National has expanded its "Platinum Checking" account to give clients free access to virtually any ATM in the country. On October 1, the bank started crediting "Platinum Checking" account holders for all fees charged by other ATM operators in the United States. This premium account requires an average daily balance of $3,500.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation. It is backed by $22.5 billion in total assets, and provides banking, investment and trust services through 78 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City and Nashville, Tenn. The company and its investment affiliates manage or administer $58.5 billion in client investment assets, including more than $36 billion under direct management.
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For more information about City National, visit the company's Website at cnb.com.