A steady stream of negative press on bank overdraft fees is an opportunity for those banks that are willing to listen to consumer needs. The latest example of this need is the article on “Banks
Continue Shameless Overdraft Fee Abuses.”
In it the author notes the long battle Susan Weinstock has waged against
overdraft fees, and now even the movie industry is supporting the attack. Bill Murray’s latest movie, St. Vincent, has a scene where he cannot
close a bank account because he owes $112 in overdraft fees. Consumer groups, regulatory bodies and bank account holders are attacking overdraft fees and voting by using other accounts or services.
While many may bristle at unfair or inappropriate attacks,
the marketing imperative is clear. As
research shows, 70% of consumers are “very concerned” about overdraft fees even
if they never pay them because of the consistent negative press on bank
overdraft fees. Some customers want and use the services, but the marketplace has a large segment that wants an alternative.
Source: Pew Trust
Wise bankers will see the huge opportunity in providing
accounts with no overdraft fees ever, not even return check charges for a
monthly fee. Some consumers want the certainty of avoiding overdraft fees that can occur even when balancing your check book in the payments world of today. In responding to this need, savvy bankers will drive
new openings and respond to consumer needs to avoid surprises. Best of all, offering such accounts in no
ways hurts the services or revenues earned by those who want overdraft fees,
but add revenues and customers who want an alternative. That is exactly the success our clients find
with PaySound.®
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