- The Wisdom Journal - http://www.thewisdomjournal.com/Blog -
Future Big Company Epic Fails
Posted By Ron On January 5, 2012 @ 8:15 AM In Banking,Business | Comments Disabled
Bank of America started it all with their ridiculous $5/month fee to access your own cash by using a debit card and customers reacted by moving to credit unions or online banks like PerkStreet  or Ally Bank . Verizon followed up with a fee for paying your cell phone  bill online and customers cried “FOUL” so loudly that the company quickly backed down. It seems that companies, like governments, are obsessed with finding new ways to extract additional cash from customers and citizens.
There’s nothing wrong with getting your customers to give you more money … so long as you provide them with more value. Where these two giants erred was that the customer got nothing in return. Customers will gladly fork over more cash when the product or service warrants it. But when a big company tries to squeeze blood from a turnip (it’s a Southern saying!), well, that dog don’t hunt (another Southern saying!).
These two situations made me think about other potential epic fails giant corporations conceivably could use to pad their bottom line. But if you’re an officer in one of these companies, use these potential “fees” at your own risk!
All this is, of course, tongue in cheek, but would any of these “fees” surprise you?
Companies add fees without adding value because
That last one is why banks like PerkStreet  is growing by leaps and bounds. With no branch costs, they’re able to offer outstanding rewards and benefits that other banks just cannot match.
Do you know what it costs to operate a branch bank? I formerly worked at a very large bank and I can tell you, the expenses were huge. First there’s payroll for three to six tellers, two or three loan officers, an assistant branch manager, the branch manager, and possibly a security guard. Then there’s the cost of building and maintaining the building, it’s electronics, it’s computers, the vault, the drive through windows, the insurance, the landscaping, the ATM machine, utilities, taxes, runners to pick up the paperwork, office supplies, and then there’s the bad loan expense.
By operating primarily online, PerkStreet  avoids many of these expenses and by doing so, can offer you and other customers the outstanding rewards and perks that leave other banks just shaking their heads in disbelief.
Of course. But their fees are very few and they make sense. There are fees associated with overdrawing your account or bouncing a check, as well as stop payment fees and wire transfer fees. There’s also a fee for using an ATM outside of their network  but with over 42,000 free ATMs, why would you?
You can avoid most PerkStreet  fees by simply:
When you consider that the average family can easily earn $600 or more each year in cash back rewards without incurring any additional debt, PerkStreet  just makes good sense.
Article printed from The Wisdom Journal: http://www.thewisdomjournal.com/Blog
URL to article: http://www.thewisdomjournal.com/Blog/future-big-company-epic-fails/
URLs in this post:
 Tweet: https://twitter.com/share
 PerkStreet: http://www.thewisdomjournal.com/Blog/go/perkstreet.php/
 Ally Bank: http://www.thewisdomjournal.com/Blog/go/ally_bank_checking_account_info.php
 cell phone: http://www.thewisdomjournal.com/Blog/go/cellphone.php/
 network: http://www.thewisdomjournal.com/Blog/20-networking-mistakes-you-should-not-make/
 The Wisdom Journal: http://www.thewisdomjournal.com/Blog/
 subscribe today: http://www.thewisdomjournal.com/Blog/welcome.php/
 Twitter: http://www.twitter.com/wisdomjournal/
 Facebook: http://www.facebook.com/pages/The-Wisdom-Journal/147054648679421
 »crosslinked«: #
Copyright © 2008 The Wisdom Journal. Some rights reserved.