People love their mobile banking apps so much that they may be willing to pay a few dollars a month to keep using them, according to S&P Global Market Intelligence.
Mobile banking apps are free, but for how long?
The study of nearly 4,000 bank app users found that 21% of people are willing to pay $3 a month to use the mobile bank app they’re currently getting for free.
And 40% of respondents are willing to pay $1 per month for the same service.
According to the report, the big banks could make hundreds of millions of dollars by charging customers small monthly fees for mobile banking.
This type of a move, however, could backfire.
Unless the majority of banks start charging a fee, customers could easily switch banks – and studies indicate that millennials are perfectly willing to do so.
As Clark said on the radio show, “When a bank treats you like trash, kick them to the curb!”
In the meantime, these mobile banking apps remain free for now, and there are four alerts that can really help you manage your money:
- Low balance
- Deposit made
- Payment due
- Suspicious activity
In addition to informing you about fraudulent activity, signing up for these notifications can ensure that you never pay a fee for a missed payment or a low balance.
To avoid that in the first place, you could always move to a bank with no fees, like Capital One 360.
Read more: 5 online banks that totally rock