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ABA: Most bank customers pay no monthly fees

Source: American Banking Association press release

53% avoid all fees; 67% pay $3 or less

WASHINGTON – The majority of bank customers continue to pay nothing in bank fees, according to a recent survey by the American Bankers Association (ABA). Sixty-seven percent of consumers spend $3 or less in monthly bank fees for services such as checking account maintenance and ATM access. Fifty-three percent of customers pay nothing.

The annual telephone survey of more than 1,000 randomly-selected consumers was conducted for ABA by Ipsos Public Affairs, an independent market research firm, on August 14-15, 2010.

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:

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

ABA has conducted the survey annually since 1998.

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.

The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees.

About Amy McCullough

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