Video challenge: young finance
Josh Sutherland| Editor's note: We issued each of the finalists a challenge. Find out what young people really want from their financial institution. |
That was a fun day of interviews at USC! From what I was told by the young and free of Columbia, it looks like close to 100% of them use online banking to check their balances and manage their funds. Mostly this is because of the convenience factor, but for some people it is their only feasible option, like if their permanent address is in another city or state and their paper statements aren't easily accessible. Because of this fact, it is really important to all of them that the online aspect of banking be as easy to use, worry-free, reliable, and functional as possible.
Some of the folks I interviewed said that overdraft fees came without notice and were ridiculously high. When I explained the Young & Free's "Oops" protection, they seemed to really appreciate it. One person told me that the savings he earned with his bank went right back out in the form of ATM charges. It seems ridiculous that you only earn $2 a year from your savings account, but if you use the wrong ATM even once, you can get charged for more than that. Young people don't have a ton of money in general. When banks nickel and dime them, it can be a pretty significant amount over the span of a few months.
To sum it all up, it looks like young people are most interested in friendliness, fewer charges, free checking, reliable online banking, more money, and accessibility. Pancakes were also mentioned. Perhaps if I win I can negotiate a members-only pancake breakfast for South Carolina Federal? If you like what you saw, toss me a vote and tell your friends!
Big thanks go out to Brett, Carrie, Julie, John, the Mystery Man in the tie, and everyone else I spoke with about South Carolina Federal Credit Union's Young & Free campaign. =)
Josh
