You can also call B of A the Bank of Attrition, as roughly 60,000 people have recently signed a Change.org petition asking Bank of America to not end their free checking accounts.
If you want new checking customers, here’s your chance!
This month, Bank of America, the nation’s second largest bank with $2.55 trillion in assets and more than 47-million customers, moved e-banking customers into accounts that require a $12 monthly fee unless they have a monthly direct deposit of at least $250 or maintain a minimum daily balance of $1,500 or more.
Forever, community banks and credit unions have struggled to combat Bank of America’s $92-million annual ad spend and more than 4,500 nationwide branches. We’ve waited for their table scraps to fall to us like dogs. Well, now those pups are about to get fat and happy as this new policy is likely to harm low-income customers and those who don’t have a dependable stream of income. Customers who will be looking for a better option.
As community bank and credit union marketing consultants, we’ve always said that these are the customers that the large banks don’t want … and now they are proving us right. Be prepared, my friends, for an influx of checking inquiries.
If new customer growth and deposits are a goal for you in 2018, now is the time to turn your marketing volume to “11,” and let the world know why you are the best option. Heck, feel free to directly and shamelessly position yourself against a $12 monthly fee!!!!
This certainly isn’t the first time a mega-bank gift wrapped customers for us, back in 2016, Wells Fargo fired 5,300 employees after crating a high-stress sales culture that generated 2-million unauthorized customer accounts racking up fees the customer didn’t even know existed. See our article on it here.
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