Paperless Debit Used To Lure Millennials

Fighting the trend that has seen millennial consumers—those aged 18 to 34—increasingly pulled away from traditional banking channels in favor of all digital methods of storing, moving and using money like Google Wallet or PayPal;  one Chicago area bank is officially rolling out a digital banking product just for the millennial consumer.

Liberty Bank’s new Smart Debit Plus account will gives users access to transfers, electronic statements and text message alerts as well as online bill pay and other money management tools. What it won’t come with is checks, as paper checks will not be issues with these accounts, nor will there by a minimum monthly balance or account maintenance fess.

“Since they want to do everything online, we created the account around a first-of-its kind debit card that accesses an array of largely free electronic services,” says Kevin Tynan, a marketing executive at the bank, reports Payments Source.

To draw initial sign-ups in the younger crowd, the banks will also be offering a $50 bonus to anyone with an initial deposit of more than $25 or a recurring deposit of more than $100. Nearly 60 percent of millennials consider themselves “early adopters” of technology, and nearly two-thirds express a strong preference for mobile banking, according to a 2013 TNS Financial survey.

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