Checking Accounts Are On Their Way to Extinction
Considering that the FDIC’s last measurement of unbanked consumers in the US—i.e., consumers without a checking account—was just 6.5% of the population, it’s hard to believe that checking accounts are on their way to extinction.
But they are.
I’ve said it before and I’ll say it again: Checking accounts have become paycheck motels—temporary places for people’s money to stay before it moves on to bigger and better places.
The features and functionality of today’s checking accounts aren’t good enough. Feature like viewing balances without logging in and turning the debit card on and off through the mobile app are nice but they’re like the escalator on the horse buggy.
The problem is that—despite the slew of mobile banking features that keep coming out—the value that a checking account provides falls short of what consumers want and need.
Read the full article on Forbes.