Texas User wrote in another
thread :
Quote:
I see over 4% APY for Checking Account but there are too many things you have to do like withdraw certain amount, 10 transaction a month and 1 direct deposit.
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And it got me wondering. I can't imagine shopping 10 times a month, or eating out 10 times a month.
I
never have that much activity on any of my accounts. My paycheck is direct deposited once a month. I have about 7 to 8 direct credits taken out. I go to the bank about once every 2 months to withdraw cash. I actually hand-write a check maybe once every 3 months. I don't even own a debit or ATM card. Yes, I'm very boring
Why do banks insist on all these transactions? With the new banking rules, it's not like they're going to be getting people on overdrafts now. (Well, the people that don't opt-in anyway. And the people that watch their balances)
Wouldn't it be easier on the bank - and profitable - if there were
less transactions, and less to watch? Why not give high-transaction customers an incentive to stop moving money unnecessarily with minuscule transactions? Why not reward the low-transaction customers?
What am I missing?