by Jim Bruene | Feb 7, 2019 | Checking & Transaction Accounts, Premium/VIP/Gold Accounts
Most consumer banking research finds that “high fees” are one of three or four primary reasons to close an account. But what does that mean? Is it transaction fees at the ATM? Monthly checking account fees? Or penalty fees from overdrafting? I suspect...
by Jim Bruene | Dec 18, 2018 | Deposits, Fee-Based Services
Many customers know they can get at least one overdraft fee waived by appealing to customer service or the branch manager. But it’s not a good experience. Driving to a branch or calling an 800 number and sucking up to some stranger that you hope isn’t...
by Jim Bruene | Dec 8, 2018 | Credit management, Fee-Based Services, Premium/VIP/Gold Accounts
I’ve always liked the (mostly) credit union tradition of allowing members to skip a loan payment, especially in December. It’s a win-win. Members get financial relief during a time of increased spending and the financial institution creates goodwill and...
by Jim Bruene | Dec 6, 2018 | AI, Service, Voice interface
Bank of America’s email last week introducing its chatbot Erica made me wince (see above). And I wondered why. I crave self-service in all transactions, so I am pleased that banks are using AI/ML/DL, or most likely, just common sense, to solve my problems...
by Jim Bruene | Nov 29, 2018 | Savings, Youth & Family Banking
When my kids were young (early 2000’s), there was a lot more incentive to save. I remember setting up their first savings accounts at ING Direct when the direct bank touted its 5% APY in bold orange advertising all over the east coast (see below). Even with...
