(Lake Bluff, IL) August 31, 2010 –According to a recent Moebs Services survey of 2,300 banks and credit unions, 91 per cent of Wall Street Banks (greater than $50B in Assets) now offer free checking for businesses, up from 64% in 2009– a 42% increase.
| 2010 Free Business Checking |
2009 Free Business Checking |
|
| Community Banks | 31.8% | 34.8% |
| Credit Unions | 38.1% | 42.5% |
| Wall St. Banks | 90.9% | 64.0% |
“’Free Checking’ is a service targeted at small businesses,” said Michael Moebs, economist & CEO of Moebs $ervices. “The Wall Street Banks want small business checking and it shows in the substantial increase in offerings from 2009.”
Free business checking declined year over year by 8.6% for community banks and 10.4% for credit unions. “On the contrary, Wall Street Banks are moving more aggressively to attract small businesses,” explained Moebs. “The business checking account is the foundation of the relationship with a small business. “The checking account is the initial enticement that will lead to loans and other services. Wall Street Banks want this business.”