Print Starter Checks to Increase Bank Revenue
What is a starter check? When a customer opens a new bank account, they are given a pack of pre-printed temporary checks that they can use while their personalized checks are ordered and shipped.
Did you know? 80% of new bank accounts are still opened in a branch (Source: Gallup) What do starter checks look like? They look similar to regular checks and still contain the bank routing information needed for proper processing, but they do not include personal information, such as the customer's name or address.
They also have a very low check number printed on them in the upper right hand corner, indicating a new account.
In some cases, these non-personalized checks may have no pre-printed numbers.
Can new account holder customers use starter checks to pay bills? Yes, they can be used to pay bills, including monthly utilities.
However, their traditional format often raises security concerns for businesses who may be alarmed at the low number and the lack of customer information printed.
To use the starter checks, the customer will have to write down their missing personal information, which in many cases, can result in the check being rejected, or the vendor taking extra precautions in verifying all the information is correct before processing.
Additionally, some companies may be concerned that the check will bounce since it is from a new account.
To completely eliminate the common customer headaches associated with generalized pre-printed starter checks, banks and financial institutions now have the option of utilizing a check printing system in-house via MICR printers.
Using this method, new account holders can be given a limited number of customized checks that already have their personal information on them.
Custom starter checks can increase incremental bank fee revenue and create a better customer experience.
An in-house check printing solution allows banks to print checks that include personal information, including customer name, account number, address and phone number.
Printing personalized starter kit checks at the bank branch for new customers has many advantages for banks, including generating a new revenue stream.
Banks and financial institutions that choose to print their new account kits on site:
Did you know? 80% of new bank accounts are still opened in a branch (Source: Gallup) What do starter checks look like? They look similar to regular checks and still contain the bank routing information needed for proper processing, but they do not include personal information, such as the customer's name or address.
They also have a very low check number printed on them in the upper right hand corner, indicating a new account.
In some cases, these non-personalized checks may have no pre-printed numbers.
Can new account holder customers use starter checks to pay bills? Yes, they can be used to pay bills, including monthly utilities.
However, their traditional format often raises security concerns for businesses who may be alarmed at the low number and the lack of customer information printed.
To use the starter checks, the customer will have to write down their missing personal information, which in many cases, can result in the check being rejected, or the vendor taking extra precautions in verifying all the information is correct before processing.
Additionally, some companies may be concerned that the check will bounce since it is from a new account.
To completely eliminate the common customer headaches associated with generalized pre-printed starter checks, banks and financial institutions now have the option of utilizing a check printing system in-house via MICR printers.
Using this method, new account holders can be given a limited number of customized checks that already have their personal information on them.
Custom starter checks can increase incremental bank fee revenue and create a better customer experience.
An in-house check printing solution allows banks to print checks that include personal information, including customer name, account number, address and phone number.
Printing personalized starter kit checks at the bank branch for new customers has many advantages for banks, including generating a new revenue stream.
Banks and financial institutions that choose to print their new account kits on site:
- Earn incremental fee revenue on a consistent basis
- Reduce the risk of fraud by eliminating the need to store pre-printed checks
- Prevent the embarrassment of customer check rejection though the addition of identification information
- Provide a better customer experience by eliminating the wait time for personalized checkbooks and providing the option for customization
