Why do companies add fees without adding value?
Companies add fees without adding value because
- They’re low on cash
- They’re programmed to generate more and more profit
- They’ve grown out of touch with their customers
- The fee is so small for each individual that the company believes no one will notice
- They’ve pushed themselves into a cost structure that isn’t maintainable
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.
Does PerkStreet have any fees?
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:
- Signing up for overdraft protection
- Using your account at least once per month
- Staying inside their 42,000+ strong ATM network
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.