Next level brand strategy: caring for one another

I had a bank client that wanted to explore the larger purpose they could embrace. We discussed the profound impact the bank could have in the lives of those they serve. We made good progress in clarifying that purpose. There was real desire in making a difference. But desire is only one part of the equation. The other part is courage. The courage to do the things to live that purpose. That’s where the wheels fell off for the bank. It happened when the discussion turned to overdraft fees.

People hate overdraft fees. But they end up paying them because of a moment of weakness. Or a struggle with money management discipline (I don’t know anyone who hasn’t experienced that at some time or another). We talked about how these fees were in direct opposition to their purpose.

There was the argument that these were ‘convenience fees’ for those who had neglected to check their balance or had forgotten to transfer money to their checking. Someone cited an anecdote of a customer who was happy to pay the $35 fee to have the bank cover their overdraft until they could transfer money into the account. That was hard to square when you considered that a majority of the customer base could not afford the luxury of shrugging off a handful of overdraft charges.