Checking Accounts… Do members expect everything free??
There is no question over the past three years there has been a shift in checking account service charges. In fact, increased service charges for checking accounts are on the rise. While many credit unions think “free checking” is a flagship service, other credit unions are focusing on value. These credit unions are packing valuable benefits and services into a checking account that save members money on programs they pay a handsome price for through another source.
Consumers are willing to pay for value. This is substantiated by the tremendous growth of Sam’s Wholesale Club, Costco, Amazon Prime, Netflix and the list goes on! Is “free checking” considered plain vanilla that can be found on every street corner today. Perhaps so. What if your credit union re-shaped your checking account line up and offered an account so full of value and savings your members would happily pay a few dollars a month. This simple strategy helps you declutter your share draft account offerings, simplifies the line up for your staff and members, and helps differentiate your credit union from every other financial institution in your community.
In the case of Carolina Postal Credit Union in Charlotte, NC, CPCU went from “free checking” to a new account called “Secure Checking”. Over 98% of the members embraced this new account for a monthly service charge of $4.95. With 14,000 members, this credit union went from zero in checking account service fee income to over $300,000 in one year!! This was only possible because of VALUE!! Invest a few minutes of your time to visit www.memberservicesolutions.com and register for a no obligation presentation of the Secure Checking program! You will be glad you did and so will your members!!
Richard F Hargis II, President/CEO
Member Service Corporation
Member Service Solutions LLC
CU Mobile Apps (CUMA LLC)
Office: 615-790-8500 Ext. 100