March 2011: Checking fees

Financial Security Index survey chart

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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.

Every dollar counts …

Greg McBride, CFA

Senior financial analyst, Bankrate.com

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.

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Financial Security Index