In the wake of Regulation E, the Dodd-Frank Act and the Durbin Amendment, many financial institutions are retooling their checking account line-ups to modify or eliminate free checking. This retooling primarily focuses on the need for account engagement activities, such as direct deposit and debit card utilization, and for larger average balances to ensure account-level profitability.download pdf
Financial institutions need a strategy that identifies the best checking prospects, successfully targets them, and captures their attention with a strong incentive. Here are three ways to attract and obtain more checking account holders.
While financial institutions can deploy a number of approaches to revive valuable but underperforming branches, one option to consider is an acquisition campaign to increase the number of profitable checking account customers and boost the branch’s bottom line.
Going back to the 1980s, net interest margins (NIMs) typically hover between 3-4 percent. So what, you say? Well, the lesson to be learned here is that even as the...