“We talked to young people to find out what motivates them to choose one bank over another for checking accounts. No fees and rewards programs are big incentives. Add music and they really tune in.”
Milwaukee, WI (PRWEB) January 18, 2010
Put a room together of young adults, ages 18 to 34, ask them what would motivate them to open a checking account, and a common thread begins to weave its way into the conversation. They love music. PyraMax Bank is launching a new checking account today that caters to today’s mobile young adults. The meChecking account offers mobile banking, free ATM transactions, no monthly service fees and the added bonus of free music.
“It’s a pretty competitive world out there when it comes to attracting new checking customers,” says Karen Murphy, senior vice president of retail banking at PyraMax Bank. “We talked to young people to find out what motivates them to choose one bank over another for checking accounts. While no fees and rewards programs are big incentives, when you couple these incentives with music, the group really tunes in.”
Individuals who open a meChecking account have the option of receiving a $100 gift card redeemable for any concert or show at The Pabst Theater, Riverside Theater or Turner Hall Ballroom in Milwaukee, or $75 worth of iTunes downloads. Every time they accumulate $200 worth of purchases using the meChecking debit card, clients also receive a free iTunes music download. Each month, they receive an e-mail detailing how much has been credited to their account and can redeem the money for iTunes purchases at any time.
If account holders use the meChecking debit card to purchase tickets for any of the concert venues, they also get $5 off the price of each ticket automatically. And, every month there is a drawing for a free $10 gift card for iTunes.
MeChecking is loaded with features young adults prefer in a checking account:
- Banking on a mobile device.
- Four free non-network ATM transactions per month, with a $1 fee for any transactions after that.
- Free music and concert tickets.
- No minimum balance.
- Free Checkcard.
- Free online banking and bill payment.
- No monthly service fee.
- Eco-friendly paperless eStatements.
“We also found that security issues are a concern for young and older people alike,” added Murphy. “We’ve also added a number of card and identity protection services to assist accountholders with safety in these issues.”
PyraMax Bank is a federally chartered Mutual Savings Bank. With over $525 million in assets and nine locations in southeastern Wisconsin, including Franklin, Greenfield, Milwaukee, Mukwonago, Muskego, South Milwaukee, Third Ward, Waukesha and West Allis, PyraMax offers the unequaled power of local decision making.