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Bank Fees Don’t Motivate Consumers To Switch Like They Used To

Tuesday, August 6, 2013 - 7:47 AM
Back when Bank Transfer Day whipped consumers up into a frothy mob, fees were the number one hot-button. But time has passed, and fees no longer torque consumers like they once did.

http://thefinancialbrand.com/32372/consumers-not-motivated-by-fees-to-switch-banks/
4
ShorebreakShorebreak2,675 posts since
Apr 6, 2010
Rep Points: 14,527
1. Tuesday, August 6, 2013 - 8:58 AM
Fees would make me move. Many banks and credit unions will help you transfer direct deposits or debits. Why pay for something you don't have to pay for? 
6
Ally6770Ally6770934 posts since
Jan 16, 2010
Rep Points: 2,717
2. Tuesday, August 6, 2013 - 9:10 AM
Re: rosie43 @ 1. Tuesday, August 6, 2013 - 8:58 AM

A number of years ago my local bank attempted to charge their checking account holders a $1.00 per month fee for having a debit card through their bank. Needless to say, that went over like the proverbial 'lead balloon'.  The bank discontinued that fee requirement less than a month after implementing it. I, and obviously many other customers, threatened to walk if that fee continued. Hopefully management of that bank learned a valuable lesson.
6
ShorebreakShorebreak2,675 posts since
Apr 6, 2010
Rep Points: 14,527
3. Tuesday, August 6, 2013 - 10:26 AM
Just read an article this morning that said 2014 would be the end of free checking accounts. Hope they are wrong. Why would we give banks our money to use with no benefits for us? 
4
Ally6770Ally6770934 posts since
Jan 16, 2010
Rep Points: 2,717
4. Tuesday, August 6, 2013 - 10:59 AM
What do they consider "free" checking accounts?   Accounts with no fees??  I have never had a fee with my checking account at Chase and get all my checks free because I am considered a "Premier Customer".  I don't think they will ever stop these type of free checking since they would lose a lot of deposits from people who keep accounts in the specific banks just to get everything free.  All banks I know only give you "free" checking if you follow certain rules for the accounts.  I have a feeling we can always find a bank or credit union who will give us free checking if we keep a lot of deposits with them.   I would always want to have a checking account because I have never used a Debit card and don't want to.  In fact, I returned our cards to Chase yesterday and had them cancelled.  I prefere to pay certain bills by check so I can use the checks as proof of payment when need be.
2
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
5. Tuesday, August 6, 2013 - 11:22 AM
If you charge the bills and pay the card off you also will have proof of payment and get cash back from a lot of credit cards. 
2
Ally6770Ally6770934 posts since
Jan 16, 2010
Rep Points: 2,717
6. Tuesday, August 6, 2013 - 5:25 PM
In Fee Chase, Big Banks Back Away From Free Checking

The big-bank retreat from free checking since 2007 has sent nearly 24 million checking-account customers to the small banks and credit unions that still offer the free service, according to Moebs Services data.

This essentially leaves just two big players—Ally and Capital One —in the free-checking game.

In Fee Chase, Big Banks Back Away From Free Checking - Businessweek
5
ShorebreakShorebreak2,675 posts since
Apr 6, 2010
Rep Points: 14,527
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