$5 a Month

Yep – that’s what a community bank in Florida is paying – yes paying – new customers who open a specific checking account with direct deposit and use their debit card. And they’re paying it monthly for one year from account opening as long as folks act before the end of the year.

What a unique and timely strategy playing off the headlines some big banks are garnering with the introduction of monthly debit card fees. Is this a brilliant or foolish strategy? You can probably argue it either way until you see their financials and see if it makes sense.

Existing customers are not eligible, which breaks one of my rules – never give a new relationship a better deal than a current loyal customer. Sure it’s done but it stinks when you’re the current customer. How can a bank say – with a straight face – that they value their customers and build real relationships with them when they’re willing to give a better deal to someone they’ve just met?

Another rule they broke – the offer is not yet prominently featured or promoted on their website, unless they updated it between now and when this email was released.

On the other hand, they have certainly gathered some attention by distinguishing themselves from the big banks who are charging “unbelievable” fees in reaction to the changing debit card landscape.

Such interesting times – choose your debit card pricing strategy carefully.

Here’s the link to the article with more details about the offer.

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One Response to $5 a Month
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    September 21, 2014 | 3:11 am

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