Dreyfus Corp. on Tuesday officially rolled out its Lion Account, a consolidated financial services product that combines a traditional checking account with access to sophisticated investing services.
Mellon Bank Corp.'s plans for the product was previously reported in American Banker. Pittsburgh-based Mellon owns Dreyfus.
Customers with a minimum $10,000 balance can invest in 1,000 fee-free mutual funds from 180 fund families, and receive a checking account with a debit card. They can buy and sell stocks and bonds through Dreyfus' discount brokerage, pay bills electronically, and access financial planning advice through a toll-free telephone number.
The account carries a $100 annual fee for financial advice that is waived for customers with balances of $50,000 or more.
"This is the first time Dreyfus has integrated the bank and fund group," said Geoffrey H. Bobroff, a mutual fund consultant in East Greenwich, R.I. Mr. Bobroff said while the product has some appeal, it is unlikely that the Lion Account alone will enable Dreyfus to regain its status as the No. 2 fund company.
The Lion Account will be available in January 1997.