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Research Questions Covered in this 88 Page Consumer and Competitive Study Include:

Checking Account and Large Bank Research Issues

• What type of success levels have financial institutions attained in cross-selling efforts at the time of new account openings?
• What changes have consumers made, or what specific behaviors have they engaged in to avoid non sufficient funds or overdraft fees? How prevalent are these changes compared to the past?
• What alternatives to free checking (no requirements) would consumers be most likely to accept (direct deposit, minimum balance, required debit transactions, fees, etc.)?
• Would offering a debit card rewards program or providing ATM surcharge refunds retain customers in the event their free checking account was discontinued?
• In a world of trade-offs, what checking offer would consumers choose from different combinations of direct deposit, branch networks, ATM distribution, ATM surcharge refunds, and monthly checking fees?
• Have government actions taken to bolster the largest banks (including infused funds and support of mergers/acquisitions) affected consumer attitudes toward BofA, Citi, Wells, Chase and PNC?
• Looking at a comprehensive financial profile of these customers (including why they chose their institution and their likelihood to remain a customer), what opportunities can be uncovered for future prospecting?

Table of Contents

• Industry Trends in Checking Volume
• Competitive Action Summary
• Consumers' Checking Account Ownership and Balances
• Consumers' Reaction to Account Changes (Balance Requirements, Debit Transaction Minimums, Direct Deposit, Monthly Fee, etc.)
• Overdraft/NSF Trends and Consumer Behavior Changes
• Effectiveness of Product Cross Sales Attempts
• Checking Use by Generational Segment
• Demographic Profile and Product Use of Big Bank Customers (BoA, Chase, Wells, Citi, PNC)
• Summary of Key Findings

Methodology

Commissioned by over 200 financial institution clients of the Raddon Financial Group (RFG), this syndicated research study explores consumer demand and usage of checking accounts.

Based upon 1,114 survey responses of a randomly drawn sample of members of a nationally representative direct mail panel, the consumer responses used in this study were weighted to reflect the nation’s demographic composition. The study’s confidence interval for any proportion gathered in the survey is in a range of 1.7% to 2.9% at the 95% level of confidence.

Optional Data Tabulations

RFG will provide a customized set of data tabulations using a segmentation scheme based on specific variables.