A free checking account is a great marketing tool

A free checking account is one of the most effective marketing tools that a financial institution can use in order to lure new customers. This is primarily because people are averse to trusting financial institutions with their money given the cost involved in doing business with financial institutions. Thus offering a checking account that has no maintenance fees is a sure way for distrustful and cash-strapped consumers to get on board a particular bank’s bandwagon. Of course this is easier said than done, as there are already many barriers to luring customers. First and foremost most people already have an existing checking account with a financial institution of their choice, and so to convince those already attached to forsake their bank and move to another institution is going to be a hard sell, especially because people don’t much enjoy the admin of dealing with bureaucratic banks. Then there’s the challenge of providing a quality service worthy of the newly acquired clients’ business. That is to say, it’s one thing to lure people over to a new bank, but keeping them there with good service is an entirely different matter altogether. Nonetheless, a free checking account would be welcome by many cash strapped consumers. For nothing beats having to not pay extra costs when one could just as easily save one’s pennies by not paying any.