LA COLUMNA FINANCIERA — Checking Customer Acquisition: New Banking Relationships or Just New Accounts

2010-07-26

Banks need to rethink the strategy of utilizing checking accounts as a gateway to acquisition.

Banks have been in a mad rush to acquire checking accounts in recent years. First there was free checking, with offers from banks on every street corner. Now banks are literally paying customers to open accounts and need to change their strategies.

Prior to the recession, banks used rich offers to drive account growth. While U.S. households grew at one and a half percent, checking accounts grew by more than six percent each year. Today, most adult Americans have more than one checking account — almost a quarter of which go unused.

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