Final Nail in the Free Checking Coffin
Until two years ago Free Checking was the most dominate financial service.
What happen to have financial institutions drop free checking?
Read about free checking’s demise below.
Your comments welcome.
What Can Replace Free Checking?
Lake Forest, IL (September 30, 2019) Only 19.8% of all banks and credit unions offer free checking now? Why is the most dominant financial service for decades vanishing? What’s replacing it?
“High cost and low fee revenue killed free checking,” explains Michael Moebs, Economist & CEO of Moebs Services, an economic research firm that completed the most extensive study on free checking since it started in 1946. “In addition, the replacement to free checking was introduced by Bank of America with relationship checking in 2014.”
Rise & Fall of the Most Dominant Financial Service
There has been a 59.2% drop in free checking offered by Credit Unions so far in 2019 and 37.2% decline for banks. At the end of 2018, 49.0% of all CUs still offered free checking and 74.9% in 2017 – banks were 43.6% and 45.5% respectively. “CUs lead the surge into free checking in 2001,” notes Moebs, “and now CUs are dramatically dropping the service.” READ FULL ARTICLE
Written By: m.moebs
Date Posted: 9/30/2019
Number of Views: 592