Life comes at you fast, so it’s not always easy to keep track of the burgeoning number of bank fees incurred – especially during a pandemic.
Maybe a peek at the latest MyBankTracker.com survey will spur consumers to action. The report, on checking account habits of banking Americans, shows Americans are being nickled and dimed at an alarming rate with bank fees.
This from the study:
“During a time when every penny counts, a leading personal finance site learned of an alarming trend - Americans paid at least $1.1 billion at the top five U.S. banks alone last year."
(MyBankTracker.com tracked the banking experience of more than 6,300 people responded.)
The company also reported the following findings on bank fees.
--- U.S. households were charged more than $1.1 billion in monthly services fees at the top five U.S. banks alone in 2019
--- That’s at least $91.6 million every month at only five of America’s banks
--- More than half said low fees are the most important feature when choosing a bank account (50.71%)
--- Only 17.29% said a bank’s customer reviews were most important
--- One out of every five U.S. households has a checking-account balance of less than $1,000 - AND - no direct deposit (20.45%)
--- While direct deposit was still the leading way money was deposited in 2019 (nearly 40% used this method), mobile deposits increased to 17.4% compared to 14.61% during the same time frame in 2018.
My take on fees was and is to be a pest with your bank.
Contact your financial institution, ask them to waive select fees (ATM fees, overdraft fees (call right away when that occurs), and checking account fees are great places to start). Don't take "no" for an answer and start saving some money.
The entire survey, compiled by Simon Zhen, the senior research analyst for MyBankTracker, is worth a closer look: Survey: U.S. Household Paid More Than $1.1 Billion in Checking Account Maintenance Fees in 2019