Saturday, July 31, I found a big bank’s checking account promotion in my mailbox. When I examined it, the contents reminded me of a how-to writer’s article I read recently.
The bank’s mailer offered me cash if I opened a new checking account. Not a free account, not one particular account, just any checking account. There was no information about the bank’s checking accounts, only a line that told me I should visit a branch or call a toll-free phone number. Not even a website reference.
Although I primarily write copy for financial institution marketing promotions, I read about all sorts of writing styles. Never know when I’ll see a tip I can use. The article I read that connected in my mind with this bank’s direct mail offer was, and I’m not being facetious, “5 Secrets For Improving Your Comedy Writing.”
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It has come to the point that every time I encounter another ridiculous media article about the pending demise of free checking I behave like one of Pavlov’s famous dogs. Only in my case, instead of salivating, I write another blog debunking the article.
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Remember when the summer months were quiet times for financial services advertising?
Conventional thinking says people aren’t interested in their bank accounts during the summer, except to finance vacations. Spring is the period for home remodeling loans and home-buying. In autumn, it’s back-to-school loans. Cars are purchased in the spring or in the fourth quarter when consumers want model-year closeout deals.
No one promotes checking accounts in the summer. Supposedly, consumers won’t switch June through August.
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Over the past several months, multiple media outlets have been forecasting the demise of “Free Checking” since the overdraft era has brought the attention of the regulators and the government. They say that “Free Checking” is an unprofitable account and without the NSF income, it will cause banks and credit unions to reposition and redesign their product offerings for checking accounts.
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The downside to claiming to be customer focused or customer centric is that you actually have to live up to your promise. Unfortunately, with all the talk from the big banks, and some regional banks, about eliminating free checking, the mantra of putting customers first seems to ring hollow these days.
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One of the new buzz terms thrown around since the financial downturn (a.k.a., recession) began is the “New Frugality.” What’s it mean and what’s it mean to financial services marketers?
Economic specialists, and others who simply have an opinion, use the New Frugality phrase to describe consumers’ attitude toward spending. People are cutting back on luxury items. Spending less on non-essentials. Waiting for bargains before buying.
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Are you familiar with “The Law of the Category?” It’s one of the 22 Immutable Laws of Marketing.
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Reg E overdraft opt-in is fast approaching.
Will you be ready?
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What about your debit card users who fail to opt-in in the coming months?
A startling statistic emerged from the just-released ACTON Market Intelligence nationwide overdraft opt-in study.
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