Over time, have you ever bought something (a car, TV, microwave, outfit, or purse) only to learn later that you paid too much for it? Remember that sinking feeling in your stomach and the regret that maybe you should have shopped a bit more before making the purchase?

Well, every day your friends and neighbors are paying too much for banking services. I recently shared with our CSRs and other frontline staff the fifteen-page fee schedule one of our larger competitors has for business accounts. Fifteen Pages!!

I also saw a fee of $35 that a local community bank charges for handling a payroll file. If they do that twice a month that is almost $1,000.00 a year for something that costs the bank a few dollars to handle.

And don’t forget Fintech. Venmo charges a 1.75% fee (minimum $.25) for same-day transfers. Compare that to Zelle for same-day transfers with PVB being free!

Many, many years ago when I worked at the Bankers Association, I asked the CEO of a larger bank that was active in buying other banks how he priced buying a bank. He told me they priced the acquisition as if they were going to keep 75% of the customers. He stated no matter what they did or changed or how much they increased fees the 75% would stay.

Why are customers paying these fees? Perhaps they don’t know any better or don’t know how to compare prices. Banks make the mistake of assuming that the average person has the experience, knowledge, and awareness to compare one bank to another.

This is where PVB can step in by providing customers (both existing and potential) knowledge of products and services provided by PVB and how they compare to other banks’ products. I suspect potential customers or businesses will have that sinking feeling when they realize they could have been banking with PVB for a much fairer price.

Have a great week. – Leton

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