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Great Lakes Credit Union, headquartered in Northern Illinois, has relaunched its business services, including an improved business checking and savings accounts. In addition, the credit union is also offering microlending for unsecured loans and auto loans, according to a press... [ABSTRACT FROM AUTHOR]

The Illinois company is smaller than other banks that have done away with the charges, but it's been substantially less reliant on overdraft revenue than some depositories. Wintrust executives explained the decision as a response to technological changes in consumer banking. [ABSTRACT FROM AUTHOR]

Focuses on the use of market segmentation by Mid America Bank in Clarendon Hills, Ill. Description of market segmentation as the practice of using customer demographics, needs and lifestyles to market specific products; Number of groups by which the bank segments customers; Success of a campaign to market a high-rate checking account.

The article discusses the results of a survey by Lombard, Illinois-based Raddon Financial Group (RFG) on consumers' switching of financial institutions to get or maintain free checking. Respondents have said that they do such move as they value their free checking accounts. They have emphasized that they will switch financial institutions if they messed with their free checking. Other aspects which prompt consumer to do such move are service quality and convenient branch locations.

The article examines how banks in Chicago, Illinois continue to reward branch staff for signing in new accounts without the knowledge or permission of their customers. Topics covered include how Rosemont, Illinois-based Wintrust Financial has eliminated its programs which rewarded branch employees when they sold customers new checking accounts, and the pressure on banks to increase deposits with the rise in interest rates and higher demand for loans.

The article reports that the biggest banks of Chicago, Illinois are returning the system, where the customers have to pay a monthly fee to maintain their checking account. While the customers of Citibank NA will be paying 20 dollars monthly, Bank of America Corp., J.P. Morgan & Co. and Harris NA, are also about to follow Citibank. It mentions that Michael Arndt has been aapointed as the managing director of the periodical, Crain's Chicago Business.

The article states that debit card issuers are seeking new markets in Chicago, Illinois to grow their portfolios. More consumers are viewing debit cards as the preferred way to pay for purchases, which means more interchange revenue for issuers. According to Alenka Grealish, manager of the banking group at Celent LLC, Chicago is a highly competitive market for checking accounts, no one bank dominates the market because for years state laws restricted branch banking.

The article reports that the Chicago Transit Authority (CTA), Illinois, is planning to issue a request for proposal to develop open-loop contactless debit or credit cards that will allow riders to pay for transit fares and make purchases with the same card. According to the CTA, the contactless card would be linked to cardholders' checking or credit accounts. CTA's upgradation to contactless cards will force the retailers near transit stations to upgrade their terminals to accept these cards.

The article reports on the campus identification cards distributed to students at the University of Illinois which also serve as a debit or ATM card. Students who can avail of such service are those with a TCF Bank checking account. Other universities that make use the hybrid cards include the University of Michigan and the University of Minnesota. Cardholders, comprised of students, faculty and staff, can use their cards to pay for meals and copying services.

Focuses on the legislation allowing business checking accounts to pay interest in Chicago, Illinois. Help to the inability of small business to turn idle cash into an income-producing asset; Creation of money management programs for customers of small community banks; Support of the Federal Reserve Board to repealing ban on interest-bearing business checking.

Opinion. Focuses on the public reaction to the new line of checking accounts of First National Bank of Chicago in Illinois. Inclusion of teller fee; Press conference held by Representatives Maxine Waters and Joseph Kennedy to rally against the bank's service charge; Zero minimum balance required by the `Self-Service Checking' account; Account's discrimination against low-income groups.