Bank'd7
Important features on checking accounts?
Chris R. asked 3 months ago
What features drive customers to select your checking account versus a competitors?
My contention is that the primary motivating factors are freebies (i.e. free ATMs, free checks, free giveaways, etc…) and interest rate. I wonder what the effectiveness is of advertising free online banking and bill pay when they are now expected. Also, how much does the NSF or Bounce Protection fee matter?
Mike T.
I don’t think trinket giveaways would drive me to one FI over another, but what would is low/no fees, interest rates and quality online banking.
Also, I don’t think advertising ‘free online banking’ or ‘free checks’ is going to make a difference anymore, because as you mentioned, people are expecting it. The post on OSCU says it perfectly, ‘We can’t offer “free’er” checking.’
The real key is figuring out what people are passionate about, what drives their purchasing decisions and what else you can provide in addition to that checking account. The checking account is probably not the deal breaker, as most are relatively the same. I think its the service and other available products that will seal the deal.
Lisa R.
I think that options on accounts can attract a customer. This was a fun discussion we had at BarCampBankDallas this past weekend. One example we all agreed on was that BancVue offers some really cool services that you might want to look into.
From a consumer standpoint, I personally prefer to bank with an FI that provides great customer service. Being treated well appeals more to me than giveaways. I agree with Mike – free checks & online banking are pretty common, so they’re not necessarily unique selling points anymore.
Brad G.
I’d have to agree w/ Mike. No fees is a given in todays world. What differentiate, in my head, banks from one another is interest rates, service, and their vibe. I would be more willing to switch to a bank that I knew is trying things differently, trying to stand out, and always listening to their customers (even if they fail).
Rob R.
Our comparison tool (FindABetterBank) asks users which features they care about from a list of 12 typical features that banks and CUs bundle with checking accounts. Interest on checking account balances is the #1 feature users indicate they “Must Have.” Many users indicate that ATM Fee Rebates would be “Nice to Have.”
In terms of which accounts users “Select” from their search results, checking accounts offered by Internet/Branchless Banks get more attention than brick and mortar banks because they typically offer the best interest rates and the lowest overall fees (based on our “Fee Estimate” tool). Schwab Bank’s Investor Checking is the most popular account based on the percentage of users that select it from the search results AND click through to the bank’s website, followed by ING Direct (Electric Orange) and Bank of Internet (Boomer Checking). Wamu’s Interest Checking is the most popular account from a brick and mortar bank.
Note: Search results are based on one’s location and accounts from Internet/Branchless banks show up on all results while accounts from brick and mortar banks only show up when the bank has a branch within the radius the user selected.