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Digital banking fees on the way?

By David McMillin · Bankrate.com
Friday, January 27, 2012
Posted: 9 am ET

As the banking industry works to determine how to increase profits, it appears the answer may lie in an obvious place: the Internet.

In a new survey of more than 3,000 consumers around the world, the majority of account holders indicated they are are willing to pay around $15 each month for digital banking services. "The new digital tipping point," a report from consulting firm PwC that analyzes the survey's results, highlights the move to mobile and online personal finance tools. The conclusion: Members of Generation Y will lead the accelerated shift to digital and search for banks to lead the way with new tools and features.

Here's a look at the top three digital offerings that respondents would be willing to pay for at banks:

  • Twitter/Facebook account notifications.
  • The ability to store loyalty card info and convert points to cash.
  • Spending analysis tools.

It turns out account holders are willing to pay a premium for good customer service, too. In the U.S. alone, more than 60 percent of respondents answered they have spent more on a product or service because of a history of good customer service with the company.

The results are quite surprising to me. From monitoring social media posts during the hoopla of Bank Transfer Day to reading comments from readers right here at Bankrate, it seems that most customers will not tolerate any additional fees. However, the PwC survey shows account holders aren't just looking for the cheapest way to handle their saving and spending. Many of them are looking to jump on the next wave of innovation even if it comes with a price tag.

Currently, we see a lot offerings at banks that give account holders the opportunities to avoid fees, such as enrollment in paperless statements to bypass a monthly maintenance fee. With account holders indicating a willingness to shell out some cash, be on the lookout for opt-in offerings that add fees in exchange for access to emerging account features.

What do you think? Would you be willing to pay for more sophisticated online and mobile tools for your money management?

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87 Comments
jc+co
March 13, 2012 at 2:19 pm

I am currently in a Savings and Loan. I'm happy there because I don't pay a lot of fees. Free Checking and all it takes is $10 in my account. That's ten not $100 or $1000. No way will I go back to a bank or pay anything to them. It's a racket people. They take your money, invest it, make the interest and want you to pay them for the priveldge of using your money. I'd go back to cash and carry first.

noway
March 13, 2012 at 5:52 am

JUST SAY NO

John
March 12, 2012 at 10:20 pm

It's my money and I'll keep it, NOW.
Knew that irritating ad had to come in useful somewhere.

kathyjoy Eggers
March 12, 2012 at 2:40 pm

KathyJoy

FIRST they tell us to go to online, paperless to save. Now somehow they will find away to add fees to that.
Ive found that I go to the banker more now to straigten things out than I did when I just drove thru the teller to take and give money.

Don't the banks make enough off of our money and the way they calculate mortgage interest? They created the housing problems, the upside down effect. They knew that at some point it would catch up but the consumer would be the one at a disadvantage.

THEY got the bail out which they didn't share with those in trouble-not able to sell their home competativly against short sells and forclousures. Not to say anything about those who ended upside down because of the boom to prices would be a travisty also. They are not aable to buy housing from 2 to 5 years!

Where was their actually suffering in the sub-prime loans they created where some attorny's couldn't see the downfall of the homehowner with the interest rates going to 15% in the economy where you could purchace a new home at 8% and now under 4 or 5%.

The system is greatly flawed, the banking as much as the government at this point!

Thanks for listening-my heart goes out to those still sufferring!
I myself will now work my hardest to continue to Gods system. Where are the banks going to be when all the Christians have church banking systems low to no interest(or not conpounded at reeediiiiculioooous amounts) and CASH?????????

sweetpea
March 12, 2012 at 12:44 pm

No way will I pay any extra for banking services. PNC is using
depositers money to build a $400 million office building in downtown Pittsburgh. They took government money to buy out other banks now using our money to exp[and even further. They can't tell me they aren't making boo-koo dollars at their depositers expense and now they greedily want more. I agee with Peter.

sweetpea
March 12, 2012 at 12:38 pm

No way will I pay extra to greedy banks. PNC is offering.25% interest on CDs and even less on other accounts, while they use depositers money to build a 400 million office bldg in Pgh.

Mia Opinion
March 11, 2012 at 9:12 am

Remember when businesses like banks used to give gifts just for opening a bank account with them. Good customer service should be free.

Peter
March 09, 2012 at 8:55 am

No more banks. It's called a safe and a gun

Gene
March 08, 2012 at 12:57 pm

Even if one gets wawy from a fee by going to paperless statements the bank is going to find some way to nail a person for computer use time if one accesses their system.Call it computer time, whatever. It's bad enough anymore that we're basically forced into direct deposit to rx many government services such as social security, etc so to me it looks like this whole business is a gov't thing aimed at furthering the profits of banks. While I agree that is a safe method, one also has to consider while they hold your money their probably making money off it also and then they want to charge you for holding it. I realize they have to make a profit to do business but this whole thing is starting to get ridiculous. his whole business goes hand in hand with the system used by many companies to lower charges and rates/etc, it's called bundling. Look at the phone & insurance companies. An example, have a loe rate for some service but tou can only get that if you also tie it to something else that in the end makes up the difference.

No name
March 08, 2012 at 10:24 am

Are you kidding, more fees? It was the banks which took government 'stimulus money' to bail yourselves out after making bad decisions providing houses to people who could not afford them in the housing market and now you want more money? I believe in businesses making money but not off of my back. Your lucky I even put some of my money into your institution...so where is MY FEE for allowing my money to be used by your bank? You have already made interest off of my money and now you want more? You know, GREED will get you nowhere and you'll learn, when banking customers are tired of banking schemes and pull their money out and invest it elsewhere!