CU Data

Half Would Switch if Fees Increase

April 07, 2011
KEYWORDS account , checking , fees
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More than half (51%) of U.S. consumers would shop for another financial institution if their current provider raised checking account fees, according to a survey by the National Foundation for Credit Counseling (NFCC).

Sixteen-percent of those polled probably wouldn’t notice the fee increase, and 11% would “grin and bear it.”

Another 16% of respondents said they would complain if checking fees are increased, and 6% would close their accounts and use prepaid debit cards.

The actual survey question and results:

If my bank raised the fees on my checking account, I would:

  • Probably never notice: 16%
  • Grin and bear it: 11%
  • Shop for another bank: 51%
  • Complain: 16%
  • Close my account and begin using a prepaid debt card: 6%

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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