Exploring for new deposit products: we search for some of the new products currently being offered by banks around the country. What we found provides clues as to current trends--and tips on effective implementation of your own redesigned products.

ABA Bank Marketing › Vol. 42 Nbr. 8, October 2010

Author: Sullivan, Mary Beth

Position:: Cover story - Survey

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Cover story - Survey

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Exploring for new deposit products: we search for some of the new products currently being offered by banks around the country. What we found provides clues as to current trends--and tips on effective implementation of your own redesigned products.

FREE CHECKING IS ALREADY DISAPPEARING from the product menus of many financial institutions.

That's one of the conclusions from a rough-and-quick survey we took recently of 40 financial institutions around the country. Another determination: Banks that have not introduced new deposit products in years have now redesigned--or at least started to redesign--their existing products.

What is causing this interest in reconfigured deposit products? One factor is Regulation E, which went into effect Aug. 15, and which requires customers to opt-in to overdraft programs. While the full impact of this change in deposit service-change incomes has yet to be measured, banks are already reacting by fine-tuning their deposit-product suites.

Another factor driving product redesign is the recession, which has changed cus...

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