3 Tips for Better Checking Account Marketing

By Joe Swatek

The fundamental banking account for consumers is the checking account. When you ask an individual where he or she banks, the name of the bank or credit union you hear is the one where the person has a primary checking account.

So it’s logical that you want to gain new checking customers or encourage current non-checking customers to open a checking account.

It seems like the lack of advertising during the financial crisis caused a loss of knowledge of how to promote checking accounts. Here are three important points to remember and to make part of your marketing strategy.

1. If it’s free, say so.

Some compliance officers have become so overly cautious they don’t want marketing staffs to use the word “free” as part of an account name. Yet “free” is one of the most powerful words in a marketer’s repertoire.

“Free” is even more important today because the big banks eliminated free checking accounts and many regional and community banks added fees to follow the pattern.

Thankfully, some marketers see the advantage of “free.” Recently, I talked with clients in different parts of the country about their campaigns and all stressed the emphasis on free checking. There’s consumer dissatisfaction in their markets after competitors added fees to checking accounts. “Free” has again become a major advantage to financial services marketers.

2. Focus your promotion.

Pick your two or three best checking accounts and feature them in your promotions. Why? Because too many choices lead to inaction, and that’s not the result you want from your prospects.

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