Fee Revenue Lost in Time Created by host on 12/7/2021 12:37:08 PM
How often are fees changed? A question never asked to depositories.
The answer is devasting for checking users. Dreadful for some providers. Yet, dynamic for other depositories.
See how 3,309 financial institutions, some just like you, answered in November – last month.
Happy Holidays, Mike
Santa Comes More Frequently than Fees Change
Lake Forest, IL (December 7, 2021) As the consumer is growing more concerned about rapidly rising inflation, it would be nice if prices would change only once a year. In financial service 59% of all banks, credit unions, thrifts and fintechs change their fee prices once a year. 41% don’t change their fee prices more than every two years or beyond.
The timeframe of fee changes range from one month or less to every 16 years. Yes, economic research firm Moebs $ervices’ recent study of 3,309 financial institutions (FIs) found one FI who last changed their fee prices 13 years ago – a FI with assets >$100 billion. READ FULL ARTICLE