AccountFee.com’s Summary – Understanding BNY Mellon Checking Account Fees: The institution does not list the kind of checking account customers can open, or the fees that apply for their private banking services. BNY Mellon was in the news lately for applying a 0.13% rate on customers who hold deposits over $50 million.
Checking Account Fees at Bank New York Mellon
BNY Mellon does not publicly advertise its banking accounts. You have to contact a customer representative to respond to your queries on checking accounts and fees.
Get to know BNY Mellon
Bank New York Mellon was formed in 2007 as a merger of two of the oldest financial institutions in the US. The two were the Mellon Financial and Bank of New York. The Bank of New York was the first bank to open in the US. It was founded by one of the US founding fathers, Alexander Hamilton in 1784. It was also the first company to be traded in the New York Stock Exchange in 1792.
BNY has played a vital role in the history of the US having financed government initiatives in war and infrastructure. During the 1990s BNY expanded its custody and asset management business. In 2006, it sold its retail banking to JP Morgan Chase.
Mellon financial was started in 1869 as T. Mellon & Sons to become a financier of US industries. In 1902 changed the name to Mellon National bank. In 1946 the bank merged with Union Trust Company to form the Mellon National bank and the famous Trust company. From the 1980s onwards the bank acquired several banks. In 1999 it changed the name to Mellon Financial Corporation and its retail banking was sold to Citizens Financial Group.
The merger forming BNY Mellon brought about the world’s largest custodian bank. BNY Mellon has assets worth $28.6 trillion and manages assets worth $1.6 trillion. It made over $15.1 billion in revenues in 2015. The bank has 10 branches in the US and a presence in over 20 countries worldwide. Its clientele includes the world’s wealthiest persons and organizations.
Checking accounts and fees
BNY Mellon describes itself as a financial institution with a clientele of the world’s wealthiest individuals and families. On its website, the institution lists its private banking services as;
• Deposit payment and services
• Credit and lending services
• Self-directed investment services
AccountFee.com’s Editor’s Notes on BNY Mellon Checking Account Fees:
The institution does not list the kind of checking account customers can open, or the fees that apply for their private banking services. BNY Mellon was in the news lately for applying a 0.13% rate on customers who hold deposits over $50 million.
BNY Mellon does not hide the fact that it caters to the higher end clientele. Individuals can apply for private banking which is personalized. Fees for private banking would have to be hefty as this is a high end service.