It has long been a pet peeve that financial institutions usually tell me to “apply” for a checking or deposit account. While I understand why it is an application, to the average consumer that verb choice seems so tone deaf. (Really? I’m sending you my money and you might not let me? I think I’ll move on to someone who actually wants my business).
Today, I was looking over a new digital checking accout from California Business Bank called MyCBB (press release) I noticed a centrally placed button on its home page that simply said: Enroll Now (see below, red arrow is mine).
The new account features zero monthly fees, no minimum balance and a 0.79% APY, which is tops in the nation according to NerdWallet. It also comes with an unusual feature: No overdraft fee. But not because OD protection is built into a credit account. No, the account simply does not allow overdrafting. Period. All checks presented with insufficient funds are simply returned, with no charge to the account holder.
More verb usage
It turns out that many banks are making this wording change. Five of the top-10 U.S. banks, and the largest credit union, have also gotten rid of the word application as a first step in buying a checking account. Open Now is most common.
- Wells Fargo >> Open Now
- Bank of America >> Open Now
- Suntrust >> Open an Account
- Capital One (but not Capital One 360) >> Open Now
- BB&T >> Open an Account
- Navy Federal Credit Union >> OPEN NOW
If you are still using Apply, you might test some new verbs. If you have any trouble with compliance, just point them to BofA and Wells Fargo.
Hat tip for the MyCBB launch: MyBankTracker