What do you want from your bank?
The relationship between consumers and their banks has undergone dramatic changes in the past few years. Checking accounts have become more expensive, banks have become reliant on overdraft fees as a large revenue source, and alternatives to checking accounts and consumer loans are springing up- ranging from prepaid cards to payday loans.
The American Banker blog, BANKTHINK, is hosting a series of posts focused on what consumers want from their banks.
Earlier this week, Andrea Luquetta, from our organization, wrote a post entitled “I want a Bank that Wants Me” in which she discussed her experience with banks and red-flags she looks out for when choosing a bank- for example, a hard-sell on overdraft protection.
Today, students from Game Theory Academy are featured on BANKTHINK, discussing their experiences and what they want from their banks. Their posts are excellent, we encourage you to read all of them!
Bad Banking Experiences Stick with You by Dominique Hall “I want to be able to trust my bank. More than anything I would like good customer service, close attention to my account security and really low fees.” Read the rest here.
A Few Small Changes Would Go a Long Way by Janice Luo “First, the bank always mails materials in English, even if the customer doesn’t understand this language. The customer must ask someone for help with the bank’s communications or go to the bank to ask the staff for help. What if the customer doesn’t have time to visit a branch? What if the customer puts the paper to the side or misplaces it? If the letter includes important information, that’s trouble. The bank should offer to mail customers their statements in different languages when the person first opens the account.” Read the rest here.
Bankers, Take the Time to Educate Your Customers by Demetrius Phillips “Honesty is the best policy. Banks sincerely need to practice this by introducing fair, straightforward products with no hidden fees of any sort. This will make their business more ethical and make it more likely that people will choose to walk through their doors.” Read the rest here.
The California Reinvestment Coalition has several resources related to checking accounts and prepaid cards: