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 has remained relatively unchanged.
Free checking was designed to differentiate the credit unions from those banks that were 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. These models prove the consumer willingness to pay rises as perceived value increases.
The Amazon Threat
Media sources have reported about on-going talks between the e-commerce giant Amazon and JP Morgan Chase developing checking and other bank-type products. According to Bain & Company, a well respected research firm, 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.
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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