Instead of having to waste valuable time and effort in opening a checking account for a specific financial institution with no incentive and the possible chance that they could completely fail in multiple aspects like customer service and interest rates, at least being able to have an incentive like free money would make a huge difference and make it all worthwhile. Many financial institutions like banks and credit unions will have checking account promotions so that if someone decides they want to sign up for an account they can take advantage of free money or a gift card that holds a decent amount of money as a way of saying thank you for signing up in the first place. However, this is not a measure of gratitude but more so a business decision because banks and credit unions will gain more customers in the hope that they can get a few loans here and there and make their money back.
While the majority of individuals will either forget about their new checking account, withdraw the money somewhere down the line simply because they were already loyal to another financial institution or instantly leave as soon as possible as they were taking advantage of the deal, there is still a small percentage that will be able to bring income to the bank or credit union and make the entire checking account promotion worthwhile. As an individual, no one should have to settle for mediocrity especially because there are so many different companies and branches out there that are willing to go above and beyond to make sure their customers are consistently happy. Ultimately, checking account deals are a great way to find the best of the best in the local area for financial institutions as well as make some extra money during the process.
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