In May 2013, 3% of shoppers on FindABetterBank selected checking accounts that had monthly service fees of $20 or more. Not surprisingly, many of these shoppers are able to avoid these monthly fees because they maintain large balances or have existing relationships with the institutions selected. But shoppers’ requirements for certain features — like unlimited check writing — also influence which checking accounts they prefer.
Demand for unlimited check writing privileges continues to decline as consumers adopt other payment methods. But those selecting unlimited check writing as a “must have” feature were three times more likely to select checking accounts with high monthly service fees. Marketing departments should consider pushing more of these shoppers towards premium accounts by limiting check writing privileges on low-end accounts (e.g., 10 checks per month).
Read More: Should Banks Charge Fees For Check Writing?
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Move the Needle from Attrition to Acquisition
Vericast’s 2024 Financial TrendWatch explores seven of today’s most critical financial services trends to provide a complete view of the current loyalty landscape.
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