Thanks Anyway...

Buyer-Protection Checking is not catching on as quickly as leaders in the industry thought it would.

Under the program, some institutions insure merchandise against loss, damage or theft for 90 days and double manufacturers warranties up to one year if a check from that institution is used to make the purchase.

Most all of the plans presently in place are free to checking account holders, even though in one study, 33% of over 1,000 banking customers surveyed said they would be willing to pay for the service if it was not offered free.

Some bankers, taking note of the fact that buyer-protection plans on credit cards were hardly used, are concluding that it doesn't make any sense to add it to checking. The reasoning goes further, they say, into the fact that most people make large purchases with credit cards, not with checks.

The big advantage is being the "first-bank-on-the-block" to have the service, and thereby have something "different" from your competitors.

Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 11, 11/90