ABA: Consumers Pay Nothing For Monthly Bank Services

ABA Survey: Most Bank Customers Pay Nothing for Monthly Banking Services

Fifty-six percent of bank customers do not pay any fees for banking services, according to a recently released ABA survey. The survey also found that 14 percent reported paying $3 or less in monthly fees, while 6 percent said they pay $4 to $6.

“Bank customers today are getting one of the best deals around -- checking and savings accounts for minimal or zero cost. And these survey results show consumers are getting better than ever at managing their accounts to keep service fees low,” ABA VP Nessa Feddis said. The press release is shown below.

ABA SURVEY SHOWS MAJORITY OF BANK CUSTOMERS
PAY NOTHING FOR MONTHLY BANK SERVICES
Banking is free for majority

WASHINGTON – The majority of bank customers continue to pay nothing in bank fees, according to a recent survey by the American Bankers Association. Seventy percent of consumers spend $3 or less in monthly bank fees for services such as checking account maintenance and ATM access. Fifty-six percent pay nothing, up from 52 percent in 2008.

“Bank customers today are getting one of the best deals around – checking and savings accounts for minimal or zero cost. And these survey results show consumers are getting better than ever at managing their accounts to keep service fees low,” said Nessa Feddis, ABA vice president and retail banking expert.

The annual telephone survey of 1,000 randomly-selected consumers was conducted for ABA by Ipsos-Reid, an independent market research firm, on August 14-16, 2009. Questions were designed to take a snapshot of current consumer trends.

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:

56 percent said they pay nothing;
14 percent said $3 or less;
6 percent said $4 to $6;
3 percent said $7 to $9; and
13 percent said they pay $10 or more.

ABA has conducted the survey annually since 1998.

“The cost of almost everything else has risen since 1998. But the very affordable cost of keeping your money in a checking or savings account hasn't changed in over a decade,” Feddis said.

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.

The ABA offers the following tips to help further reduce consumer banking costs:

Free Checking and Savings Accounts – Most banks offer them.
ATM Machines – Avoid fees by using your own bank's ATM.
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.