Switch banks if fees rise



[Begin VIDEO with Kristin Arnold, anchor introducing video topic]

KRISTIN ARNOLD: By now you've probably heard plenty about higher bank fees, but a new poll reveals how Americans are likely to respond to those higher fees. Here with the details is Greg McBride, senior financial analyst at

[Cut to double screen of Kristin Arnold with Greg McBride]

Kristin question: What did find about how consumers will respond to higher fees?

Greg answer: 64%, almost two out of three said they would consider switching financial institutions if their checking account fees increased. Most likely to do so are those under age thirty and higher income households. The least likely were senior citizens, but even there, half of them said they would consider it.

Kristin question: In terms of overall financial security, how are Americans feeling?

Greg answer: The New Year's optimism is wearing off. We're still feeling more secure than we were back in December 2010, but that level of security has declined in each of the last two months. And savings continues to be the Achilles heel of financial security. Only 17% of Americans say they are more comfortable with the amount they have in savings now, relative to 12 months ago.

[Cut to one shot of Kristin on camera]

KRISTIN: Interesting information…thank you Greg. You can read more of the financial security index poll by visiting I'm Kristin Arnold.


« Back to the Financial Security Index poll.



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