poll - Free Checking Information

Poll: Consumers Prefer Free Checking Over Other Types of Checking Accounts

March 27, 2011 by Mike Leave a Comment

Currently, absolutely free checking, which doesn’t charge a monthly account fee for whatever reason, is not available at the four largest banks in the U.S. by deposits. Free checking accounts are more commonly found at online banks such as ING Direct and Ally but many consumers prefer checking accounts at banks with local ATMs where they can easily make cash and check deposits.

According to a MyBankTracker.com poll, a majority of consumers (over 66%) prefer free checking over any other checking account product.

Americans Say They’d Bolt Bank Over Fees

March 23, 2011 by Mike Leave a Comment

Amid 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

Americans Would Rather Switch Banks Than Pay Checking Fees

March 23, 2011 by Mike Leave a Comment

What effect does raising fees have on the customer? A negative one.

Tacking new fees onto existing checking accounts would get some 64 percent of customers to consider taking their business elsewhere, according to data published Monday by Bankrate.com. The poll of 1,006 Americans conducted by Princeton Survey Research also showed that the number of people who are not comfortable with their savings is growing and that financial security still remains.

The study found that adults earning more than $75,000 per year were most likely to move their accounts to a different bank because of fees, while 71 percent of those under 30 would choose a new financial institution as a result to added checking fees.