Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Bank Survey Shows Customers Fed Up With Fees
WASHINGTON (9/11/13)--A recent survey shows bank customers across the country are dissatisfied with the checking account fees they are being charged: 35% of respondents to an AngusReid Public Opinion/TD Bank survey said they have closed a primary checking account or left their bank due to checking account fees, and 36% said they'd likely change banks due to dissatisfaction with the fees they have been charged.

Just over one-fifth of the 3,000 respondents surveyed said their fees had gone up in the past year, and 14% said they had switched their primary financial institution as a result of fee increases. Nonbank ATM fees were particularly galling for 38% of respondents, while 27% said they were most annoyed by bank overdraft charges.

Credit Union National Association market research shows member-owned credit unions offer an alternative for these customers. A 2013-2014 Fees Report generated by CUNA's  Market Research Department details just how much credit union members save when compared to fees and charges levied on bank customers.

Just over 80% of credit unions with checking services still offer free checking, compared to 39% of banks. Only 18% of credit unions overall charge maintenance fees on non-interest bearing checking accounts. Half of those credit unions (9%) levy a general maintenance fee. The other 9% of credit unions only charged fees when a minimum balance fell below a certain threshold.

The median amount required to avoid this fee was $300, and the average minimum balance threshold was $534. The median and most charged checking maintenance fee reported was $5, and the average fee was $5.05. Most banks, CUNA found, charge a monthly fee as standard practice. That fee is 43 cents higher than the average credit union fee.

The median overdraft protection fee at credit unions is $25, compared to median fees of $30 at banks and $35 at larger banks, CUNA reported.

As for ATMs: The average nonmember credit union ATM fee, for those that charge them, is $2.10. Banks on average charge non-customer fees of $2.50 per transaction.
RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
1 Day ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
1 Day ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
1 Day ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
1 Day ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
1 Day ago