People are strange. Yeah, I’m talking about you. And me. And everyone I know. Why do we do the things we do, or not do the things we should?
Why do I still have trouble remembering to floss my teeth? I get lectured about it every six months and I know it will help me keep my teeth for a long time. But, it’s such a chore.
Why do I eat an entire pint of ice cream in one sitting when I know I’m going to have a stomach ache and feel like a slob later? Because I deserve it! I had hard day.
Personal finance is no different. We know we need to live below our means and make smart decisions with our money, but it doesn’t always happen. If you were presented with an alternative to your current checking account that would pay you a higher interest rate and refund any ATM fees you may incur, would you switch? Of course I’m talking about our Velocity Checking account, and the obvious answer to me is yes. But here are a few snippets of recent conversations I had with friends when I told them about the account:
Friend 1: You don’t have a branch near me.
Me: Oh, do you visit a branch often?
Me: So, why does it matter?
Friend: I just don’t want to switch because it’s too much of a hassle.
Me: Even though in the end you’ll be paid to switch?
Friend: But I’d have to switch over my direct deposit.
Me: We’ll pay you $25 to do that.
Friend: And then I’d have to change over my automatic payments.
Me: Well, why don’t you try baby steps? First, open an account and put some money in there. Then have a Relationship Manager help you figure out how to switch everything over.
Friend: Now it’s just too much pressure. You are stressing me out!
Friend 2: I don’t use my debit card 12 times a month.
Me: What do you do, write checks?
Friend: Yeah, or I use cash.
Me: Isn’t it unsafe to have that much cash on you?
Friend: Well, it’s safer than someone stealing my debit card.
Me: Velocity comes with a free ID Theft service, so if that were to happen, the credit union would take care of it for you.
Friend: I don’t want to have to figure out how many times I used my debit card in order to earn the dividend.
Me: All you have to do is hop on home banking. It takes less than five minutes. You’re online all day anyway, so what’s the big deal?
Friend: Am not.
Me: Are too.
Friend 3: I only have like $50 in my checking account.
Me: I can’t help you there.
A challenging part of my job is thinking I have a great product that will practically sell itself, only to realize that some people simply don’t care. Don’t get me wrong, I have plenty of friends who opened Velocity accounts as quickly as they could. It’s the other group that has me shaking my head in confusion. But, this is what dental hygienists have struggled with for decades: behavioral change!
So, for those of you resisting the lure of Velocity, what will it take to get you into this checking account today?
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