It is something that many people are all too familiar with, bank fees. For some it feels completely unavoidable. People are so tired of bank fees that everyday more and more people are leaving banks in favor of alternative financial institutions. Banks are now looking for a way to change that, and they think that they may have found a way.
For some time now some museums have tossed out the traditional admission fee in favor of having the visitors pay based on what they can afford and on how much they enjoyed the artwork that they got to see. This is a completely different way of doing things. We are not used to paying for things based on how we value it. Museums are not the only ones who have done this.
If you are a fan of rock music you may be familiar with the band Radiohead. They have released an album and allowed their fans to pay for it what they felt it was worth. They are possibly beginning a new way for us to look at things and to pay for them.
This could work out one of two ways however. The first is that we as the consumer are completely honest and pay what we truly think the album, experience, fee, or whatever it is, is worth, or the consumer can decide they do not want to pay what they think it is worth, and they can pay much less. This brings into question the honesty and the integrity of the consumer. Too many consumers who are not honest enough could ruin it for everyone.
Banks are trying to follow this trend. They may have realized that by doing this they may be able to keep more of their customers. If their customers are not fed up by the fees that they are being charged because they are setting the price then maybe they will stay with that bank and do business with them, instead of leaving them for alternative financial institutions.
This could be revolutionary for the banking industry. This could bring trust back to the consumer. The truth is that only time will tell how this will work out for the banks that try it, but it does seem as though many are excited to set their own prices for fees. It may take some time to adjust to a new process but many could be much happier with their banking experience this way, making the banking industry flourish in a way they have not before.
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