NEW YORK—Executives from the nation's 50 largest banks announced Monday that, effective July 1, all customers will be assessed a 75-cent surcharge each time they use the word "bank." "Now, each time a customer uses the word 'bank' in either its spoken or written form, 75 cents will be automatically deducted from his or her account," said Kenneth Nordland, 54, president of the American Banking Association. "For instance, if you say, 'I bank with Bank of America,' that would cost you $1.50." Nordland added that customers wishing to avoid the penalty are encouraged to use the alternate phrase "financial institution."