MORE FEE INCOME, PLEASE
Fee income is essential to the financial institution's existence. According to the ABA fees are responsible
for covering more than half of the FI's operating expense. Maintenance fees, minimum balance fees,
ATM fees, and overdraft fees are the most common, but it is still not enough – not these days!
You can't tack on more fees or up the ante on charges – just won't work. Low volume $1.98 debit card
clients usually don't care, and rarely complain. On the other hand, the hi-balance upscale and
commercial accounts scream bloody murder. No matter how you cut the bologna, they don't like it --
typical banker pinchpenny "nickel-and-dime" strategy according to them – and just enough to cause
some to jump ship to the competition. It happens!
So, you can rule out new fees and higher rates; don't raise enough and too costly short term. The only
solution left is to cut staff. Really sad, but that is the reality...or is it?
The check:R system is an unexpected solution. You will be surprised – GUARANTEED!