No free checking at bank
The Plain Dealer reported Monday that Pittsburgh-based PNC Bank, with Akron operations, is joining Fifth Third, KeyBank, Charter One, Third Federal, Chase and U.S. Bank in ending its free checking account option.
For a standard checking account, the report said, the monthly fee will be $7 unless the account has an average balance of $500, or there is a monthly deposit of $500 or the account holder is age 62 or up. The change takes effect Aug. 18 for new accounts. Those who have such accounts now may continue until June 2014.
After the PNC notice was given, Huntington Bank issued the following statement: “Huntington remains committed to our ongoing Fair Play approach to banking and will continue to offer Asterisk-Free Checking ... ’’
Nominee to Smucker board
J.M. Smucker Co. said Monday that it will nominate Robert B. Heisler Jr., a retired dean of the College of Business Administration and Graduate School of Management at Kent State University, to its board of directors.
Heisler was chosen due to his experience in the investment management and financial services area, as well as his experience as director for other public companies, Smucker said. He will be up for election at the company’s annual meeting Aug. 14.
Heisler is also the former CEO of McDonald Financial Group and former CEO of banking company KeyBank NA. He will replace William Steinbrink, who is retiring after serving on the board since 1994.
Eaton may be studying sale
Bloomberg News reported that Eaton Corp., with operations in Cleveland, is weighing a sale of its auto-parts unit to focus on its growing power and lighting operations.
The auto business, not including truck parts, may be valued at about $1 billion, Bloomberg said.
No investment bankers have been hired to run a sale process, and the company would probably keep the truck parts business. An Eaton spokesman declined to comment.
Eaton, which started in 1911 building truck axles, is shifting its focus away from its transportation roots. Last year, the Dublin, Ireland-based company acquired Cooper Industries Plc for $11.8 billion to expand in electrical sales, projecting that the segment would account for 59 percent of revenue after the deal. The auto unit generated about 10 percent of sales in 2012.
New phone contract rules
AT&T is extending from 20 months to 24 months the time it takes for customers on contract-based plans to earn a fully subsidized upgrade to a new phone. The move follows an identical one by Verizon Wireless in April. AT&T Inc.’s new policy applies to any customer whose contract expires in March 2014 or later. Extending the time between phone upgrades saves the phone companies money, since they subsidize each new phone by hundreds of dollars to make it available to customers for $199 or less. Verizon subsidized upgrades after just 13 months until January 2011, just before it introduced the iPhone, one of the most expensive phones on a wholesale basis. Carriers pay Apple more than $600 for it. Dallas-based AT&T is the country’s second-largest cellphone carrier. It activated 6 million smartphones in the first three months of this year. AT&T shares hit a five-year high of $39 in April.
Texas wants N.Y. jobs
Texas Gov. Rick Perry plans a $1 million television advertising campaign targeting New York businesses as he promotes the Lone Star State’s economy, said Lucy Nashed, a spokeswoman. Perry will visit New York City starting Sunday as part of his effort to lure businesses, Nashed said in an email.
Carfax provider sold
IHS Inc. agreed to buy R.L. Polk & Co., the provider of Carfax vehicle history data, in a $1.4 billion deal to boost its offerings for the global automotive industry and boost profit.
IHS will fund the takeover with 10 percent equity and the remainder with cash and loans, the Englewood, Colo.-based research company said.
Dow drops 9 points
The Dow Jones industrial average closed down 9.53 points at 15,238.59, a loss of 0.06 percent. The S&P 500 index was essentially flat, falling 0.57 point to 1,642.81, or 0.03 percent. The Nasdaq composite edged up 4.55 points to 3,473.77, a gain of 0.1 percent.
Compiled from staff and wire reports