OFG Bancorp announced on Tuesday that Oriental Bank, its subsidiary, launched the Freedom Account—the first product in Puerto Rico designed with high-tech customers in mind.
The account is geared towards customers who bank using their mobile phone, tablet, the internet, debit/credit card or ATMS, as well as customers who do not need to use a branch and those who want to avoid ATM withdrawal fees.
“‘Freedom Account’ was especially designed for individuals and families that prefer to handle their financial transactions through faster and more convenient technology,” Alexandra López-Soler, Oriental Bank’s senior vice president of marketing, said.
Key features of the account include an initial deposit requirement of $25, no monthly maintenance fees with electronic statement enrollment, unlimited free mobile and internet banking transactions, automatic reimbursement of up to three ATM fees of $1.50 each per month for external withdrawal and the ability to apply for a line of credit up to $25,000.
“We listened to what our customers were telling us and what people were saying on social networks,” López-Soler said. “Nobody likes paying ATM fees or fees for other transactions. People here want more flexibility, especially those who like to use technology. This is a new and growing customer base. Oriental’s data shows that in Puerto Rico, 85 percent who have a bank account use ATMs. Seventy-five percent have access to the internet, and 53 percent who own cell phones have a smartphone that they use for personal transactions, including accessing and managing their money.”