Thread Options
#2256053 - 06/28/21 05:37 PM "Bank On" certified Checking Account
TeeBee Offline
Joined: Jun 2007
Posts: 68
New York
We are working on a proposal to Management for the Bank On certified account. Is anyone aware of any hard statistics (or even projected if that's all that's out there) of the bottom line benefits of the account. We have some marketing people who are worried about "cannibalization" of existing account holders who are paying OD fees, and have projected the "best case" and "worst case" losses of offering these account (from that perspective). I would like to offset that with some data on any kind of profitability (account fee, interchange on debit card, additional accounts opened - loans, mortgages, etc.) I am all set on the intrinsic value of offering the account in the DEI, CRA and "it's the right thing to do" space. Management is on board and I'm sure will ultimately approve the account, but I just want them to see the profitability potential, even if it's long
term, also rather than the potential bottom line losses.

If anyone is currently offering these accounts and has some data or info I would love to hear it. Thanks.

Return to Top
#2256192 - 06/30/21 10:01 PM Re: "Bank On" certified Checking Account TeeBee
TMatt87 Offline
Diamond Poster
Joined: May 2011
Posts: 1,918
We offered Bank On accounts for a while, but we didn't see much interest, so we stopped offering them. We got CRA "innovative and flexible" credit for offering the program, but it didn't really factor into our performance evaluations.
All opinions are my own, not my employer's

Return to Top