The Bank of Fayetteville Checks In

The Bank of Fayetteville plans to break the banking mold this year with a product that will have competing bankers reaching for their own checkbooks.

At the first of this year, the community bank will unveil a “SmartChecking” product that will pay customers a 4.01 percent (annual percentage yield) on balances less than $25,000.

The catch?

BOF wants customers to use its electronic services more so customers will have to agree to receive an electronic statement, use their debit card a minimum of 10 times a month, have direct deposit or a recurring automatic draft, and sign on to online banking once a month.

By the way, accounts that have balances over the $25,000 limit earn only 1.01 percent.

Mary Beth Brooks, president and CEO of BOF, said in the long run, electronic transactions save money for both the bank and its customers. Banks have to be innovative to stay competitive in the super-banked two-county market, too, she said, so hopefully the product will attract a wide range of depositors.

BOF will also begin opening health savings accounts this year, a somewhat cumbersome low-profit, high-service product. But Brooks said it’s part of the bank’s commitment to serve the community.

Revlon’s Smiley Face

We hear Revlon has recently moved its Wal-Mart office from Dallas to Bentonville. The New York City-based company signed a lease in an office building located at 5th and “J” streets in Bentonville. Bill and Pete Norwood own the building. The 15- to 20-person office will occupy 8,000 SF.

Marshall Saviers of Sage Partners was the leasing representative for Revlon.

Stay tuned for more permanent building plans because the lease isn’t long term.