A new survey has found that most consumers are happy with their checking account services, but not so pleased with the fees they're being charged.
About 83 percent of consumers surveyed ranked their bank as excellent or very good in accessibility, and 80 percent gave their bank similarly high marks for responsiveness. About 74 percent said their bank's hours were excellent or very good, 70 percent gave a high ranking to the convenience of their bank's locations, and 69 percent praised their bank's ATMs.
Only 10 percent of the consumers surveyed said they expected to pay for their checking account, but 36 percent said they were extremely or very likely to switch banks to avoid fees, and 14 percent said they had actually changed banks because of the cost of their account.
About 38 percent of respondents named nonbank ATM charges as the most frustrating cost, while 27 percent cited overdraft fees as the most frustrating. About 13 percent gave that dubious distinction to monthly account fees that could be avoided by maintaining a minimum balance.
The average balance required to avoid a monthly account fee was found to be $950.
The nationwide survey of 3,025 people who had checking accounts was conducted in July for TD Bank by Angus Reid Public Opinion. Headquartered in Cherry Hill, N.J., TD Bank is a subsidiary of The Toronto-Dominion Bank in Toronto.
In a statement, Ryan Bailey, executive vice president of deposit and payments at TD Bank, said consumers should research their options to find a bank and checking account that meets their needs.
"Doing a little homework can help consumers find the best checking options and banking experience," Bailey said.
Are you happy with your bank? What would make you leave it for another institution?
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