Brutal
June 2, 2010 | alternatives, industry | Comments (0)Advice from a banking consultant. From the story:
Many banks rely on overdraft fees to generate up to half of all the revenue they get from retail checking accounts, according to a recent report issued by Celent, a Boston-based banking industry research and consulting firm. The report, titled, “Reg, Reg, Go Away: Sorry Banks, They’re Here to Stay,” the report notes: “Overdraft fees are big money to most retail banking operations. It is the engine that pulls along free checking.”
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The solution? “Fire customers: understand customer profitability and get rid of customers who aren’t profitable,” the report advises.
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