In the past few years, big banks have made it increasingly difficult for Americans to keep a basic free checking account. Consider the following:
- Institutions like Bank of America announced more requirements to waive their monthly maintenance fee.
- Over the past five years, bank fees have increased across the board: Monthly maintenance fees are up eight percent, overdraft fees are up 9.4 percent and ATM fees are up 10.7 percent.
- Less than 30 percent of all checking accounts are now “free,” with that number on the decline.
This presents an opportunity for your bank or credit union to shine. By evaluating all fees—including your overdraft fee—and focusing on serving your account holders in a responsible, informative way, you will experience an increase in business and account holder satisfaction.
Protecting income and delivering better service continue to be primary focuses for just about every bank or credit union. The structure of your overdraft program can make all the difference, especially if account holders see the value of the service. Here are three points to ponder: