Are you familiar with a checking package? I’m not.
I’m very familiar with a checking account but uncertain as to what a bank means by a checking package.
I bring this up as I came across this strange new term yesterday while walking by a Wells Fargo ATM inside my local grocery store. The marketing message on the screen caught my eye. It reads:
With You When You’re Ready to Make a New Start
Until now, I wasn’t aware that a growing number of credit union websites have become discount shopping destinations.
Until I read the article “PAYDAY NATION” in the May 24 issue of Bloomberg Businessweek, it never occurred to me that a relationship existed between NSF fees and the rapid growth of the payday loan business.
It definitely cost big bucks. There’s no way small to medium-sized banks and credit unions could afford such a classy marketing piece. These two thoughts immediately came to mind as I glanced through the glossy, 16-page 2010 program guide from Chase Bank.
Marketers heavily invested in Internet marketing – including e-mail marketing – may not want to read the article, “Chaos Theory,” in the June 2010 issue of Wired magazine.
After seeing the four-page magazine ad from a local credit union, the first thought that came to mind was the comment made by John Wanamaker, the famous Philadelphia department store owner: “I know that half of my advertising is wasted, but I don’t know which half.”
Why is it that so many bank newspaper ads are simply taking up space without attempting to sell anything?
A great offer appears in the headline. The bad news is discovered in the mice-type disclosure copy.
One of the nine marketing offers listed below has been used consistently for the past 27 years to promote checking accounts.
Lower my payment – don’t give me cash back.
It’s my belief that Chase Bank has taken a good marketing idea one giant step too far!
By the way, have you heard about the overdraft opt-in that’s coming?
From the loud noise at your end, I’ll assume you have.Training, credit union marketing, Direct Mail, email notification, Federal Reserve Reg E, Financial marketing, marketing campaign, NSF, Opt-In, Overdraft, Overdraft coverage, Overdraft Fees, overdraft opt-in, overdraft options, Overdraft Protection, overdraft research, Reg E, Regulation E
What do you think is the biggest obstacle your financial institution faces as you try to get your customers to opt-in so their debit cards continue to be covered by overdraft protection?
While financial firms look for new revenue streams, they’re also looking to cut costs. One obvious area for savings is statements.
Mailing what must be mailed (NSF notifications, late payments, etc.) with postcards instead of envelopes provides significant (up to 80%) savings and many financial firms are adopting this method.
E-statements provide even more savings by eliminating postal costs altogether. The cost benefit for the company is pretty straight-forward. Saving over a dollar every statement cycle on a customer adds up quickly.
