This ad appeared in the March 25, 2012 edition of the Lincoln Journal Star newspaper in Lincoln, Nebraska. Unfortunately for the bank, they named their free checking account Smart Checking and merely describe it as free in the ad. You’ll note the bank pays interest on this free checking account. To earn interest each month, […]
You can have the most sought-after product in the market but unless you aggressively promote it on an ongoing basis, it’s just another product. As a result, banks and credit unions fail to put adequate – if any – marketing effort behind their free checking accounts. Here’s a marketing tip: Free checking is not a […]
Steve Topper, writer for ActonFS, writes in rebuttal to this blog post: How Durbin will Speed the Decline in Branch Banking. I find it both astonishing and disappointing that so many people either in banking or writing about banking believe the free checking account is the source of today’s bank profitability problems. I was reminded of […]
How Durbin will Speed the Decline in Branch Banking Brett King, author of Bank 2.0 In the UK and Australia, account keeping fees are nothing new. In the US, however, since the introduction of the Durbin amendment, many US banks have been moving to monthly fees on checking accounts (we call them current accounts generally […]
It has become common for brokerages to offer free checking accounts. These provide another option for those who want to leave their megabank. Last year the brokerage firm Scottrade launched Scottrade Bank to offer deposit accounts to it brokerage customers. According to last year’s press release the bank was rolled out to only certain parts of the nation. I […]
FirstBank wraps a bus in a giant ad promoting free checking and tops it off with a 25-foot long propeller on top. The ad reads, “Heli-Skiing, now as affordable as Free Checking.” Read more at Motivators
First Northern Bank, founded in 1910 in Dixon, California, continues offering Totally Free Checking to its customers in the surrounding counties which includes Sacramento. In addition to Totally Free Checking, the bank also offers 50+ Free Interest Checking (for customers age 50 and older) and Direct Deposit Free Interest Checking. These three checking accounts were […]
Bank Customer Switching Rates Rise Again, Fueled by Issues with Fees and Poor Service Consumer backlash against bank fees, coupled with poor service and unmet customer expectations, has fueled increases in defection rates among customers of large, regional and midsize banks, according to the J.D. Power and Associates 2012 U.S. Bank Customer Switching and Acquisition […]
California’s largest credit union, Golden 1, continues promoting its free checking account. During March, 2012, a simple two-panel marketing flyer or buckslip is being distributed inside the branches in brochure holders located at the teller windows. While this is great news, the words “FREE CHECKING’’ are the smallest words on the front of the flyer […]
Two weeks ago, Wells Fargo said it will impose a $7 monthly account fee in six states, including Connecticut, effectively ending free checking. Just days earlier, it was disclosed that BofA was testing new fees in three states as a prelude to imposing fees on basic checking accounts. Kim Reid of Hartford, who opened a […]
Safe Credit Union places a newspaper ad comparing themselves to the competition with 4 lines of large copy. With us, Checking is FREE. With them, its more like FEE.
Newspaper ad as WaMu merges into Chase. Ad stats WaMu Free Checking customers can experience the power of Chase.