Most Bank Customers Pay Nothing For Bank Services
ABA survey shows 71% of bank customers avoid all fees
WASHINGTON, Sept. 1, 2011 /PRNewswire-USNewswire/ -- Even in the face of rising bank fees resulting from massive new regulatory pressure on banks, most bank customers – 71 percent – are finding ways to avoid paying any fees, a recent survey by the American Bankers Association shows. And, 82 percent of consumers spend $3 or less in monthly bank fees for services such as checking account maintenance and ATM access.
"It's impressive that so many customers avoid paying any bank fees," said Nessa Feddis, ABA vice president, senior federal counsel and retail banking expert. "It shows that consumers are savvy and able to navigate the new banking landscape with skill. Often, avoiding bank fees can be as simple as maintaining a minimum balance or accepting a paycheck by direct deposit," Feddis added.
The annual survey of more than 2,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, August 12-14, 2011. This was the first time the survey was conducted online. Ipsos conducted ABA's previous surveys by telephone.
When asked how much they estimate they spend on fees for banking services each month such as checking account maintenance and ATM access, consumers provided the following responses:
- 71 percent said they pay nothing;
- 11 percent said $3 or less;
- 6 percent said $4 to $6;
- 4 percent said $7 to $9; and
- 7 percent said they pay $10 or more.
ABA has conducted the survey annually since 1998.
"Consumers should know that bank accounts cost little or nothing for most people," Feddis said. "And people who keep their money in a bank can feel comfortable knowing that it's insured, can't get stolen, lost, or destroyed, and is available to make payments or get cash 24 hours a day, seven days a week, through multiple convenient channels," she added.
While some consumer groups focus on avoidable fees at the highest end of the spectrum, the survey clearly shows that the vast majority of bank customers manages their accounts well and keeps service charges low.
ABA offers the following tips to help further reduce consumer banking costs:
Free Checking and Savings Accounts -- Most banks offer them though some may require maintenance of a minimum balance.
ATM Machines – Avoid fees by using ATMs owned by or affiliated with your bank.
Direct Deposit – Many checking accounts are free when your paycheck is automatically deposited each month.
Minimum Balance – Keep at least the minimum balance in your account.
Don't Overdraw – Keep track of transactions and account balances to avoid bounced check fees.
Email or Text Alerts – Ask for an automatic alert when your balance falls below a certain level.
About the Survey
These are some of the findings of an Ipsos poll conducted August 12-14, 2011. For the survey, a national sample of 2,011 adults aged 18 and older from Ipsos' U.S. online panel were interviewed online. Weighting was employed to balance demographics and ensure that the sample's composition reflects that of the universe. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/- 2.2 percentage points 19 times out of 20 of what the results would have been if the entire population of adults aged 18 and older in the United States had been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
SOURCE American Bankers Association
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