In a free-market system where banks compete for customers, consumers sometimes see free checking as a birthright, akin to the very foundations of our society: the right to free speech; the right to vote; the right to worship as one chooses; the right, my brothers and sisters, to call the Hogs.
These days, the issue of free checking seems to have banks falling all over themselves. Check out this post from BankRate.com that examines just how much it costs banks to maintain free checking accounts. (http://www.bankrate.com/financing/banking/banks-losing-big-on-free-checking/)
At Centennial, we don't see free checking as an issue at all. To us, it's pretty simple. We offer free checking because we think it's the right thing to do.
That's all. We don’t think banks should charge customers for the right to hold their money. Banks provide plenty of services for which they rightfully charge fees. But just for holding your money? It's not like those deposits aren’t enabling banks to invest and grow their revenue. Isn't that payment enough?
Centennial is stronger than ever and growing throughout the region (banking locations in Arkansas, Florida, and more to come!). Offering our customers free checking isn't impacting our bottom line — other than to make us feel good for doing the right thing. Ultimately, shouldn’t that be what the bottom line is all about? We think so.
By the way, we left out a right, and it's an important one: the right to a very, merry Christmas and a happy and joyous holiday season!!
