Half Would Switch if Fees Increase

April 7, 2011

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%