Interesting clip from the Today Show this morning that discusses how some banks are targeting the baby boomer market with tailored accounts. NBC’s Jean Chatzky reported that banks like Wachovia and Suntrust have released checking accounts to attract people 50 years and older. According to Chatzky, the fees for these accounts are typically lower than other accounts offered at the banks and they hope that if the person will sign up for a checking account they will sign up for other products and services.
While there was no mention of reverse mortgages it signals a trend of major banks looking to target the baby boomer market. This is an area where someone like Bank of America has a real advantage by using their retail presence to help sell tailored products along with reverse mortgage to baby boomers.