Bank Customers Naive about Their Fees
Consumers may be paying a lot more in bank fees than they realize, if you analyze two surveys which show drastically different results.
A survey by the American Bankers Association showed that 55% of the respondents thought they had no bank fees at all, and another 10% assumed their fees were $3 or less.
Those findings are far different than the results of a survey from MoneyRates.com, which indicates the average customer spends a staggering $12.43 a month in fees at the bank. In addition, only 31% of the banks in the survey had truly free accounts.
That does not match the 55% of consumers who thought they had no fees at all.
What could cause such a discrepancy? Possibly those hidden bank fees that may not be at the top of your mind.
Have you checked your bank account lately to see what your fees were? Check last month’s statement and see how much you paid in ATM withdrawals, checking account maintenance and paper billing.
You might be surprised to find that your “free” account may not be totally void of charges.
If you find you are paying too much in fees, you could look for a different bank. Yes, it’s a hassle to move your money, but it may add up and save you significantly in the long run. Assess your options and find the best banking solution for you.