Question
Should we launch a no-monthly-fee checking account specifically for small business customers?
Background
Many micro-businesses and sole proprietors complain that existing business checking accounts have complex fee schedules and minimum balance requirements. A no-fee account could attract new customers, but might reduce fee revenue and require operational changes.
Options
- Yes, launch a no-fee small business checking product across all branches.
- Pilot the no-fee product in select markets before expanding.
- Keep current accounts but simplify and lower fees.
- Make no changes to existing business checking products.