Consumers rank identity theft alerts, and credit reporting high among services, and they’re willing to pay around $3 or $4 a month to use them.
Consumers are clearly in the driver’s seat these days as they account for nearly the bulk of all bank deposit dollars.
Ninety cents of every bank deposit dollar now comes from retail consumers, according to research firm Market Rates Insight.
Forget the debate over whether or not a credit union should keep offering free checking accounts, there are signs credit unions may eventually have to decide whether or not to charge their members fees for holding deposits.
Consumer uncertainty may have helped bank deposits grow to nearly $10 trillion.
Dan Geller at Market Rates Insight predicts retail banks will start charging interest on deposits.
High balance and rewards checking are just a few of the accounts that credit unions and banks are seeing increase in use.
The current landscape of business deposits may change when a Federal Reserve Act section is repealed in July.
While some credit unions and banks in more than a dozen states are experiencing an increase in their average deposit rates, they may need to make some adjustments.
Number offered nationally by credit unions and banks rose 1.48% in past year.