Just more than half of consumers, 51%, surveyed in March by the National Foundation for Credit Counseling (NFCC) said they would shop for another bank if their current bank raised checking account fees.
“Even though banks are considering ways to recoup monies lost due to recent regulations, they nonetheless need to retain customers,” says Gail Cunningham, spokesperson for the NFCC. “The results of the survey send a strong signal that consumers are ready to walk if fees are imposed. Money is still tight in many households, with consumers watching how every penny is spent, including even seemingly small amounts such as bank fees.”
The survey also found that 16% of those polled likely would never notice if the fee increased, indicating a lack of attention paid to basic personal finance skills such as reading the monthly bank statement. Equally unsettling is that 11% would simply grin and bear it, perhaps accepting the fees as a part of today’s financial reality.
Sixteen percent of respondents will at least let their opinion be known by complaining to the bank if fees are hiked.
Only 6% of consumers reported that they would show their displeasure by closing their account and begin using a pre-paid debit card. The actual survey question and results are as follows:
If my bank raised the fees on my checking account, I would
A. Probably never notice - 16%
B. Grin and bear it - 11%
C. Shop for another bank - 51%
D. Complain to them - 16%
E. Close my account and begin using a pre-paid debt card - 6%
