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Big Bank Customers Pay For Branch And ATM Convenience

Tuesday, June 11, 2013 - 9:24 AM
From The FinancialBrand:
Many large banks have mothballed their free checking products because consumers seem willing to pay fees for the convenience of branch and ATM locations. But as branches become less relevant for many consumers, big banks will once again feel compelled to reintroduce free checking.

Over the last few years, most national banks have eliminated free checking. Today, there are 14 banks with 1,000 or more branches and only 3 of these institutions offer free checking. In May 2013, FindABetterBank had 66 community banks and credit unions listed on the site and nearly all offer free checking products.

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The article states that many national banks have been able to eliminate free checking because some consumers have been willing to trade fees for branch and ATM convenience, and that among consumers who choose checking accounts with monthly service fees of $20 or more, they are twice as likely to cite “convenient branch locations” as a decision factor vs. other shoppers that chose free checking accounts.
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Tuesday, June 11, 2013 - 12:03 PM
Sorry, I did not notice that this had previously been posted here.
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
2. Tuesday, June 11, 2013 - 5:51 PM
I accept your apology PB. Just don't let it occur again :-)
ShorebreakShorebreak2,368 posts since
Apr 6, 2010
Rep Points: 12,625