Consumers have been surveyed and the results are in – they like free services. We’re not exactly sure why this fact has garnered so many headlines in recent months, since free is always good and fees are always bad. No consumer looks to pay more for anything they purchase, especially in the discount era of the 2010’s. However, whether or not consumers will actually switch accounts is another matter, and on that subject surveys may not tell the entire story. Now it’s up to issuers to communicate to consumers why the services they receive should be valued at xx dollars per month and help their accountholders through the transition from free to fee.
The report examines the strategic significance of free checking and analyzes consumers’ projected acceptance to various alternative banking fee strategies. The report is based on a consumer survey encompassing 10,000 households, conducted in October 2010.