Are Your Checking Customers Thinking of Ditching their Accounts?
Prepaid card volume is expected to grow by roughly $45 billion in the next five years. One explanation for this significant growth may be that many adult consumers today are opting for prepaid cards over a traditional checking account. Indeed, today’s prepaid cards are a viable alternative to checking accounts due to several advantages.
For example, Javelin Strategy & Research found that checking account charges cost consumers an average of $8.84 per month. A prepaid card like TMG’s ATIRAreload, on the other hand, averages $4.50 per month. Savvy prepaid shoppers can sidestep some of the fees prepaid cards charge. For example, the ATIRAreload card offers free cash loads and no monthly maintenance fee if cardholders set up direct deposit or spend the card down to $0 each month.
Given the fee comparison, might underperforming checking account holders actually be optimal prepaid customers?
If your customers are thinking of ditching a checking account for a prepaid card, here are some of the questions they may be asking themselves:
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