Free or Value Checking
A New White Paper Report:
What is the Right Path for Your Bank?
For more than 60 years, banks 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. Perhaps, like the one at your bank. We want to help you answer questions rarely asked:
- How does free checking help (or hurt) customer acquisition and retention?
- Are there regulatory issues to be addressed?
- What is free checking’s place within the bank’s mission?
- What effect does it have on overall revenue?
Subsequently, we will offer data essential to help you meet your customers’ and institutions’ goals. Following a discussion on the growing competition for your customers’ 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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