A New White Paper Report:
Is Free Checking Still the Right Path for Your Credit Union?
Why Free Checking?
For more than 40 years, credit unions like yours have offered a free checking program…and it hasn’t changed much.
Free checking emerged to differentiate credit unions from banks charging fees. Today almost 50% of community banks offer free checking, while over 70% of credit unions offer.
Is free checking even still relevant? Products like TV, radio, and even water (in bottles, of course) were traditionally free. Until they weren’t. When perceived value increases, willingness to pay rises as well. What would it take to make checking something your members would pay for?
The Amazon Threat
If Amazon released a checking product, how would you respond? More importantly, what would your members do? Surveys show more than 40% would migrate faster than Prime could deliver your last pair of socks. According to Bain & Company, should Amazon offer a checking product, it’s likely it would attract as many as 70 million customers!
Is it time for a closer look? We think so.
We looked into free checking. Its history and potential future. We want to help you answer questions 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?
Learn data essential to help you meet your members’ and institutions’ goals. We’ll discuss the growing competition for your members’ wallets (that’s digital, too). There’s also a recommendation at the end which might be a fit at your credit union.
Download your copy of this important white paper today!
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