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?
How Banks Are Fortifying Their Data Against Increasing Cyber Threats
This webinar from Veeam will detail the value of working together across your organization to be better prepared in cyber defense and response readiness.
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Navigating Credit Card Issuing in an Uncertain Economic Environment
Build a modern credit card strategy that balances profitability and risk, adopts the latest technology and delivers the customization that cardholders demand.
Read More about Navigating Credit Card Issuing in an Uncertain Economic Environment