WASHINGTON — Most bank customers don’t pay overdraft fees, according to a new survey released by the American Bankers Association.
According to the survey, 77 percent of consumers said they did not pay any overdraft fees in the previous 12 months, while 21 percent said they paid one or more. Two percent said they did not know whether they paid an overdraft fee.
The annual survey of 1,000 consumers was conducted for ABA by Ipsos-Reid, an independent market research firm, on Aug. 14-15.
Of the 21 percent who said they did pay an overdraft fee in the previous twelve months, most said they paid only one or two. (see chart)
“The majority of consumers continue to avoid paying overdraft fees despite current economic conditions,” said Nessa Feddis, ABA senior federal counsel and retail banking expert. “This is good news and a sign that most consumers are managing their personal finances well.”
Additionally, the majority of consumers who did pay an overdraft fee in the previous 12 months said they were glad the payment was covered (69 percent). Twenty-nine percent said they wished the bank had refused the payment.