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Non-Tech : First Union Bank

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To: Lynn who wrote (319)	2/6/2001 11:48:37 AM
From: BWAC	Read Replies (1) of 323

And why should any informed customer take a LESSER rate or pay HIGHER fees than can be found elsewhere? DLJ has fine research at $20. Wachovia has active trader rebates, which gets their cost to $20 for any number of shares. Schwab offers rebates above a certain number of commissions. All have research available as good or better than FTU's. The point is I can keep my CAP account at FTU with very minimal deposits. Write checks all I want. Get all the associated little perks. Let FTU make the $80 yearly fee. Transfer money in and out as needed. And transact ALL my other business elsewhere. Limiting FTU to a mere $80 of fee and interest income, out of a possible $10,000 plus that I expect to spend in a year. And I doubt that the $80 will cover the costs to FTU of maintaining my account and sending statements, etc. And due to their non competitive rate stance they lose out on the 'other' sources of fee and interest income they could have in this customer relationship. So $80 or $10,080? Which revenue would you want if you were operating FTU? To date FTU has chosen the $80, rather than become competitive in their fee and rate structure. Is there any reason for an informed customer to pay excessive fees when a sufficient alternative exists?

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