A New White Paper Report:
Is Free Checking Still the Right Path for Your Credit Union?
For more than 40 years, credit unions like yours have offered a free checking program. It hasn’t been without a cost! Maintaining and servicing an account runs about $124 annually, while the American Banking Association saw expenses running as high as $250-$349.
So where does the support funding originate? Regulators are asking the same question, as concern grows that free checking is supported by consumers who can least afford it, through fees and penalties.
More importantly, is free checking even still relevant? Products like TV, radio, and even water (in bottles, of course) were traditionally free, until they weren’t. These models prove the consumer willingness to pay rises as perceived value increases. Is it time for a closer look? We think so.
This White Paper is the culmination of GreenProfit Solutions’ research into free checking programs. Like the one at your credit union. We want to help you answer questions perhaps not asked:
- How does free checking help (or hurt) member acquisition and retention?
- Are there regulatory issues to be addressed?
- What is free checking’s place within the credit union mission?
- What effect does it have on overall revenue?
Subsequently, we will offer data essential to help you meet your members’ and institutions’ goals. Following a discussion on the growing competition for your members’ wallets, a roundup of the topics addressed can be found in the conclusions.
Download your copy of this important white paper today!
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