Americans Say They’d Bolt Bank Over Fees

free checking customers switchAmid widespread speculation the banking industry may be considering increasing fees for checking services, the monthly Financial Security Index found 64 percent of respondents would consider bolting if slapped with more expensive accounts. Just 28 percent said they’d tolerate them.

“With restrictions on overdraft fees and a proposed cap on debit card swipe fees, financial institutions need to recover that revenue elsewhere,” says Greg McBride, CFA, senior financial analyst at Bankrate. “As a result, they’re re-evaluating everything from debit card reward programs to free checking accounts, and anything that was once free is now fair game.”

Our poll, however, suggests banks may want to think twice before squeezing consumers for higher checking fees. For one thing, they risk losing lucrative high-income customers. Of those making between $50,000 and $75,000 annually, 73 percent would consider moving their account. For those earning more than $75,000, the figure rises to 75 percent.
Read more: Bankrate

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