More than Half of Consumers Pay No Bank Fees

by. Tom

Believe it or not, two-thirds of all consumers say they are spending $3.00 per month or less on bank fees. In fact, more than half of consumers say they are paying no bank fees at all.

The newest research study from the American Bankers Association (ABA) reveals that 65% of consumers pay $3.00 or less in bank service fees such as ATM fees, checking account fees, and maintenance fee – less than a gallon of gasoline. In fact, 55% report paying no banking fees at all.

Although the data may seem incredulous, the ABA stands by its data. In announcing its findings, Nessa Feddis, the ABA’s SVP and deputy chief counsel for Consumer Protection and Payments, said in a statement:

“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.”

Interestingly, this is a decline from last year when 59% reported paying no bank fees in 2011. This annual survey of 1,000 U.S. adults has been conducted since 1998.

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