Survey: Consumers cut down on monthly bank fees

The survey found that 65 percent of consumers spend $3 or less in monthly fees for bank services such as checking account maintenance and access to automated teller machines. Consumers who avoid bank fees altogether grew to 52 percent, up 9 percent from 2006.

“By choosing products based on need, price and convenience, (bank customers) are able to minimize the cost of banking services,” said Nessa Feddis, ABA senior federal counsel and retail banking expert, in a news release.

The annual survey of 1,000 consumers, conducted for ABA by Ipsos Reid in late summer, typically asks questions designed to take a snapshot of current consumer trends.

Among those surveyed:

• 52 percent said they pay nothing;

• 13 percent said they pay $3 or less;

• 9 percent said they pay $3–$6;

• 3 percent said they pay $6–$8;

• 5 percent said they pay $8–$10; and

• 13 percent said they pay more than $10 each month.

“The results are reflective of the increasing competitive focus among banks to provide the best customer service,” Feddis said. “Consumers now have affordable access to a full array of bank services around the world 24 hours a day, seven days a week.

The ABA, which represents more than 2 million people who work in the banking industry, offers several tips to help trim consumer costs of banking:

• Avoid foreign banking fees by using your own bank’s ATM.

• Consider electronic banking. Many banks offer free accounts if everything is handled electronically.

• Keep at least the minimum balance in your account.

• Keep track of transactions and account balances to avoid bounced-check fees.

• Consider direct-deposit options. Some checking accounts are free when your paycheck is automatically deposited each month.