Free checking once table stakes, now major differentiator

first_img continue reading » This week, Bank of America announced it’s doing away with free checking for customers who don’t (or can’t) maintain a daily balance of at least $1,500 or sign up for direct deposit. The decision has caused something of an uproar, and for credit unions, an opportunity.Mega banks, which have been disappointing customers for years, continue to unabashedly demonstrate that their chief priority is profit. Products that require investment, even those that help their customers live a financially healthy life, are increasingly finding themselves on the chopping block. The slashing of free checking, and many other moves like it, appears to be a blatant disregard for the shifting financial habits and preferences of consumers.Several emerging trends point to the continued need for free checking. Here are just a few:Gig Economy Workers Earn DifferentlyDirect deposit is not a given for everyone. In fact, for some, it’s not even an option their employer provides. And with increasing participation in the Gig Economy, even fewer consumers in the future may have access to direct deposit from their jobs. 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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