With balance sheets reeling from lost NSF- and interchange income, retail financial institutions are grappling with two big questions:
1. “Should we eliminate free checking?”
2. “Should we introduce new fees or account requirements?”
Before you answer those questions, you should check out this report, “Free Checking & The Banking Customer.” It’s a nationwide U.S. research study from ACTON Market Intelligence asking consumers for their opinions on free checking accounts, new potential fees and other account requirements. The report examines the strategic significance of free checking and analyzes consumers’ projected acceptance to various alternative banking fee strategies. The report is based on a consumer survey encompassing 10,000 households, conducted in October 2010.