Monday, June 23, 2014

PNC SmartAccess Markets "No Overdraft Fees"

More are recognizing the power of marketing “no overdraft fees.”  Prepaid cards have built a business on this strategy over the last 10 years.  Finally, some big banks are responding, like PNC.  They now market their own prepaid card called SmartAccess with the positioning of “no overdraft fees ever.”



Why?  Because increasingly today consumers want an account that does not pay for purchases when they don’t have the money.  Rather than checking their balance which may not reflect all transactions, or getting balance alerts, they simply want transactions to be declined when they don’t have the money.  Prepaid cards have marketed this feature, while banks have complained about Reg E.  Seeing the growing demand, PNC, Bank of America and Key Bank are now marketing debit-only accounts that offer no overdraft fees ever.

What customers really want is a full service checking account with no overdraft fees ever, not even returned check charges.  No typical bank offers this today, so consumers turn to Walmart’s BlueBird, GoBank or Bank Simple.

But you can now offer such an account called PaySound® Checking Plan and Companion Card.

Grow revenues consumers willingly pay.  Grow customers through acquisition.  No existing revenues are cannibalized.  Win in your market by moving today; the water is not as pleasant and a little too warm when you are the last one into the pool.


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