ROCKY MOUNT, N.C., Sept. 18 /PRNewswire/ -- In a major strategic shift,
Centura Bank (NYSE: CBC) will introduce a dramatically different line of
consumer checking accounts next week that will be among the "most innovative
and affordable" in the nation.
    The new line of accounts, called "Money Manager Checking," offers distinct
options and incentives to consumers who use the bank in different ways and
features significantly lower checking fees and minimum balance requirements.
    "These new accounts are all about giving clients choices that fit the way
they prefer to manage their money at a price they can afford," said Cecil W.
Sewell Jr., Centura's president and chief operating officer. "We are giving
people more incentives to make Centura their primary financial partner and to
consider doing their banking in a different way."
    Every new Centura Money Manager Checking account includes special rewards
that banks often reserve only for their best customers. These include a VISA
check card with no fee, free online banking through Quicken, Microsoft Money
or America Online, free unlimited use of the bank's automated phone system, a
no annual fee credit card (for qualifying applicants) and other incentives for
clients who do their banking with ATMs, phones and personal computers.
    For example, Centura clients will pay no fee for using one of Centura's
230 ATMs, regardless of the balance in their account. Plus they can choose a
checking account that allows them to use other bank's ATM as many times as
they want without being charged by Centura. Clients with one of these accounts
may still have to pay a surcharge fee to the owner of the ATM, but they will
not be charged by Centura.
    Centura will provide all checking clients with free unlimited use of its
automated telephone response system for routine transactions such as verifying
account balances, confirming cleared checks or transferring money. Centura
will only impose a charge if a client uses a live phone representative more
than four times per month for routine transactions that could have been done
by the computer. Calls for new accounts, rates, questions or service problems
are free.
    Centura will reduce its number of checking accounts from nine to five.
Minimum balances to avoid service charges on regular checking will drop to
$250 per month in checking or savings from $700 per month. For interest
checking, the minimum drops to $500 from $900. Centura will lower the minimum
balances needed to qualify for an upscale checking account package for clients
who keep more money in the bank.
    The bank also will introduce a new seniors account that will have a much
lower minimum balance requirement than its previous seniors account. The
minimum balance to avoid a monthly fee for people over 50 will drop from the
current $7,000 in combined deposits to $100 in a checking account. The seniors
account also is available with additional features for a flat fee of $4.50 per
month.
    Centura is introducing an innovative new account targeted at people who
prefer to do their banking outside of a branch, using ATMs, telephones or
personal computers. The Money Manager Express Checking account has no minimum
balance requirement, and clients can use any bank's ATM without incurring a
charge from Centura. More importantly, Money Manager Express can be a totally
free checking account if a client has direct deposit of a payroll check and
has two or less teller-assisted checking transactions in a month. Centura
defines a  "teller-assisted checking transaction" as any transaction done at a
financial center that could have been done at an ATM, over the phone or
through the mail, such as an account inquiry, deposit, withdrawal or money
transfer.
    "Consumers told us through research that they want these kinds of choices
and this kind of value," Sewell said. "This change can have significant
strategic impact for Centura because we will attract more new clients, who
will give us an opportunity to be their primary financial partner and help
them with broader financial needs such as insurance and investments."
    Centura will begin offering the new checking accounts on September 23. The
bank does not have plans to automatically change existing clients to a new
account but will allow clients to move to a new account if they choose.
    Last week, Centura announced a similar restructuring of its credit cards,
offering new cards with no annual fee, competitive rates and rewards of
mileage on any airline or cash back on purchases. This week, Centura opened
the first of what will be 33 bank offices in Hannaford supermarkets in the
Carolinas and Virginia by the end of 1997.
    With assets of $5.8 billion, Centura provides a complete line of banking,
investment, insurance and trust services to individuals and businesses
throughout North Carolina. It provides services through 158 financial centers,
more than 200 ATMs at financial centers, Wal-Mart and Sam's stores, the
Centura Highway telephone banking center and Quicken and Microsoft Money, the
leading personal finance software packages.

          Profile of Centura's New Money Manager Checking Accounts

    Features common to all Centura Money Manager Checking accounts:

    *  Unlimited check writing with no additional charges for writing checks
       and the first order of checks free
    *  No fee for using any of Centura's over 230 ATMs
    *  Free Pocket Check card  (VISA check card)
    *  No Annual Fee Credit Card (with qualifying credit)
    *  Free Online Banking through Quicken, Microsoft Money or America Online
    *  Free unlimited use of the automated phone system with up to four phone
representative calls per month for routine transactions without charge.
       After four calls to phone representatives for routine transactions, a
       charge of 75 cents per call will be assessed. Calls for new accounts,
       rates or service problems are free.

    Money Manager Value Checking
    All the Money Manager Checking benefits, plus the choice of earning
interest or no interest on checking balances. Without interest, there is a
$250 minimum balance in checking or savings to avoid a monthly service fee.
With interest, the minimum balance is $500 in checking or savings. Monthly fee
is $10 per month, which can be reduced $1 with check safekeeping, $1 with
direct deposit of payroll check, and $4 if there are four or less teller-
assisted transactions per month. The monthly fee if minimum balances are not
met can be as low as $4.00. Check safekeeping is a feature in which clients
choose not to have checks returned in their statement.

    Money Manager Express Checking
    All the Money Manager Checking benefits, plus unlimited ATM transactions
anywhere without charge by Centura (ATM surcharge fees at other banks will
apply). Check safekeeping is required. No minimum balance is required. Monthly
flat fee is $6.00, which can be reduced by $1.00 for direct deposit and $5.00
if there are two or less teller-assisted transactions per month. This account
can be a totally free checking account.

    Money Manager Premier Checking
    All the Money Manager Checking benefits, plus interest on all balances,
unlimited ATM transactions anywhere without charge by Centura (ATM surcharge
fees at other banks will apply), free personalized checks, free online bill
payment, free safe deposit box, free traveler's checks and cashier's checks,
unlimited telephone transactions with no charge. Available with minimum
balance of $1,500 in checking, or $2,500 in any combination of checking,
savings, equityline or creditline balances, or $5,000 in any combination of
Cds, IRAs or money market investment accounts, or a $100,000 original mortgage
balance.

    Money Manager 50+ Checking
    All Money Manager Checking benefits, plus penalty-free CD withdrawal for
medical emergencies, free Centura Travel Club, regional discount book with
coupons for merchants throughout the state, free regular traveler's checks,
cashier's checks and notary public. The minimum balance to avoid the fee is
$100. The fee is $8.00 per month, which can be reduced by $1.00 for direct
deposit of payroll or social security check and $1.00 for check safekeeping.

    Money Manager 50+ Gold Checking
    An option to 50+ checking, which adds interest on checking balances, bonus
rates on Cds, free personalized checks, free safe deposit box, unlimited ATM
transactions anywhere without charge by Centura (ATM surcharge fees at other
banks will apply), $100,000 in accidental death insurance, discount eyeware,
pharmacy discounts and a medical emergency data card. No minimum balance is
required, and there is a flat fee of $4.50 per month for the account.

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