smart spending

March 2011: Checking fees

Q:

If your bank or financial institution raised its fees on checking accounts, would you consider switching to a different checking account provider?

People under 30	Most likely to say they'd consider changing banks over fees, at 71 percent.
People over 65	Least likely to say they'd consider moving their account over fees, at 49 percent.
A solid majority of all income groups said they would consider moving their account, with those earning more than $75,000 the most likely, at 75 percent.

Greg McBride

"Every dollar counts ..."

In these economic times, Americans are particularly sensitive to higher bank fees, with 64 percent saying they would consider switching to a different financial institution if their checking account fees increased. Every dollar counts and consumers who are willing to pursue the best returns on their money are a step closer to achieving financial security.

- Greg McBride, CFA, senior financial analyst, Bankrate.com

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Posted: March 21, 2011

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