Half Would Switch if Fees Increase
More than half (51%) of U.S. consumers would shop for another financial institution if their current provider raised checking account fees, according to a survey by the National Foundation for Credit Counseling (NFCC).
Sixteen-percent of those polled probably wouldn’t notice the fee increase, and 11% would “grin and bear it.”
Another 16% of respondents said they would complain if checking fees are increased, and 6% would close their accounts and use prepaid debit cards.
The actual survey question and results:
If my bank raised the fees on my checking account, I would:
- Probably never notice: 16%
- Grin and bear it: 11%
- Shop for another bank: 51%
- Complain: 16%
- Close my account and begin using a prepaid debt card: 6%