July 21, 2011
Beneficial Bank Offers Interest On Small Business Checking Accounts
Beneficial among the first banks to offer interest in response to the repeal of Regulation Q; The Bank will hold small business roundtables tonight
PHILADELPHIA, Pa., July 21, 2011 – With the repeal of Regulation Q today, Beneficial Bank will be among the first banks to offer interest on its small business checking accounts. Beneficial's small business customers can now earn tiered interest rates on the bank's Start Growing and Professional Packages.
"At Beneficial, we are proud to be one of the first banks in the country to offer this benefit to small business owners," said Gerry Cuddy, Beneficial Bank President & CEO. "We know that this is the right thing to do for the small business customer. The vast majority of small businesses manage their finances through some sort of business checking account. Allowing them to earn interest on their checking account is a very effective way to help a company be successful and grow."
This is the first time in more than eight decades that small businesses can earn interest on their checking accounts. Many small companies use their business checking account for nearly all of their money management. Now they can consolidate their multiple accounts (as they may have held additional ones solely to earn interest) to both maximize their cash flow and simplify their finances.
Tonight, Beneficial will also host two Beneficial Thinking Business Roundtable discussions for invited small business owners at the bank's Lansdale office and Cherry Hill West campus. Small business owners face a unique set of challenges and are sometimes devoid of good opportunities to share and learn business knowledge from their peers. The Beneficial Thinking Business Roundtables will be 45-minute, open floor forums to give attendees a chance to discuss the business challenges they are facing, share best practices and learn from each other. Beneficial plans to make these roundtables an ongoing series.
"As a bank that is committed to education, we are pleased to provide the region's small business owners with this type of learning opportunity," said Cuddy. "Small business is the core of our economy, and the success of our local industries is dependent upon the success of these operations. Beneficial aims to be a small business advocate for these companies."
For more information about Beneficial Bank and its small business checking packages, visit https://www.thebeneficial.com/business-packages.
About Beneficial Bank
Founded in 1853, Beneficial Bank is the oldest and largest bank headquartered in Philadelphia. It is a community-based, full-service financial services company that has served individuals and businesses in the Delaware Valley for 158 years. With 60 offices in the greater Philadelphia and South Jersey regions and $4.9 billion in assets, Beneficial offers a full array of financial products that includes commercial, consumer and real estate lending, insurance and wealth management. Visit www.thebeneficial.com for more information.