How financial marketers can make people feel better about fees
Although a growing number of financial institutions are walking back their overdraft charges, research suggests that greater transparency and fairness over these and many other banking fees could defuse a perennial sore spot among consumers.
No one likes fees. And few fees make people more angry than banking fees. Many financial marketers may just chalk it up to human nature and say there’s nothing that can be done.
It turns out there is something that can be done.
The question banking should be asking itself is: What is the underlying reason people don’t like banking fees? Millions of people pay monthly charges for services that are far less important than their bank account: Netflix, Amazon Prime, cable, mobile phone, toll booth passes, etc.
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