Wise Bankers Leverage Account Growth With "No Overdraft Fee" Option

Credit Karma is the latest to weigh in on the study by the CFPB, stating that "opting in" costs on average a consumer $250 a year.  Many bankers wince at the ongoing slew of articles and organizations attacking overdraft fees.  Most lament the lack of understanding of the industry, and staunchly support free market services.

But a growing number of banks are wisely celebrating every article and attack on overdraft fees.  They are finding offering a “no overdraft fee ever” account option leverages the steady stream of press and media attacking overdraft fees, and drives customers to them!  Putting a banner in front of branches or media ads announcing account options with “no overdraft fees ever” makes all the regulatory, CFPB, media, social activists and bloggers become marketers for their “no overdraft” service.

Best of all, they realize that such an alternative service does not cannibalize existing overdraft fees paid by customers that clearly want the service.  Rather than wincing at the growing press attack on overdraft fees and hoping it won’t affect you, why not leverage it with a strategy like PaySound^® with “no overdraft fees ever.”