Maintaining a customer’s checking account costs your financial institution money. The American Bankers Association estimates the annual cost to a bank to maintain a checking account is between $250 and $400 per year. For community financial institutions with less than $5 billion in assets, the average according to other researchers is closer to $250 to $300.
“The account was built with new BaZing benefits, which are not only better but easier to use. Replacing a cracked screen on a cell phone is relevant. Local discounts are relevant. Our front line can sell it because they use it and believe in it.” — Jennifer Anderson, VP of Marketing at The Farmers Bank
A CheckingScore analysis was performed to identity single service accounts. Of those accounts, 16,500 were upgraded into the new Elite Checking, built with the benefits of BaZing and launched within a new lineup of just four accounts.