MaxChecking™

Many banks today commonly face two major challenges in regard to their personal checking account line-up: new account growth and the right mix of accounts.

Too many banks are just not opening enough new accounts. Too many of the 20%-30% of checking accounts in transition are going to competitors. Competing banks of all sizes are offering richer incentives to entice consumers (your customers) to switch banks and many continue to build branches at a frenetic pace.

Some banks are opening enough new accounts. But too many are free checking accounts with minimal benefits. The opportunities to positively experience being a customer of the bank are limited. Not to mention the sacrificed fee income, low balances and high attrition the bank realizes. This adversely impacts profitability, future cross-selling efforts, and retention.

MaxChecking™ smartly incorporates the marketing power of “free” in free checking within a simple line-up of accounts that successfully meet the needs of the three types of personal checking account buyers – fee averse, interest and value buyers. It is simple to understand, buy, sell and use the account benefits.

MaxChecking™ provides significant account growth through a multi-faceted marketing plan and a simple, proven sales process. Your bank is not weighed down by offering too many accounts and opening primarily free ones (like Totally Free Checking). Existing service charge income is not cannibalized by your customers migrating to free. New accounts provide significant service charge revenue (remember service charge income?) in addition to all other sources of fee income, reducing over reliance on NSFs for fee income.

By implementing MaxChecking™ your bank can simplify its personal checking line-up and enhance its product offerings to attract the customers you want to bank with you.

The proof: On average, our bank clients report that 30% or more of new checking customers choose flat fee accounts with superior account benefits, even when they were attracted to the bank by the promotion of free checking. With our account simplification process, service charges from existing accounts increase at least 25%, and all new accounts average $25-$30 in service charge revenue per year. New account growth averages 15%-25%+.

Contact us today to learn more.