Tuesday, August 27, 2013

Most Bank Customers Pay Little or No Fees

According to a recent survey by the American Bankers Association (ABA), most bank customers—65 percent—spend $3 or less in monthly fees for banking services such as checking account maintenance and ATM access—less than the cost of a gallon of gas. The majority of Americans—55 percent—continue to pay nothing at all.

“Today’s savvy consumers are avoiding many bank fees by taking steps like maintaining a minimum balance and only using ATMs owned by their bank,” said Nessa Feddis, ABA’s senior vice president and deputy chief counsel for Consumer Protection and Payments. “These results prove that most customers responsibly manage their accounts, allowing them free access to a service that ensures their money is safe and available day and night.”

The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, July 11-17, 2013. ABA has conducted the survey annually since 1998.

When asked “How much do you estimate you spend on fees for banking services each month, such as fees for checking account maintenance, ATMS use and so forth?,” consumers provided the following responses:

-55 percent said they pay nothing;
-10 percent said $3 or less;
-8 percent said $4 to $6;
-4 percent said $6 to $9; and
-14 percent said $10 or more.

See the full release.

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