At Least They Know How Much They Pay for Checking
Sometimes numbers do tell the story — just not the story you want.
The American Bankers Association last week touted its latest survey of consumers who were “asked how much they estimate they spend on fees for banking services each month such as checking account maintenance and ATM access.” Here’s what the ABA reported:
- 53 percent said they pay nothing;
- 14 percent said $3 or less;
- 9 percent said $4 to $6;
- 5 percent said $7 to $9; and
- 14 percent said they pay $10 or more.
Naturally, the ABA touted the 53%.
“Consumers should know that bank accounts cost little or nothing for most people,” said Nessa Feddis, ABA vice president, senior federal counsel and retail banking expert. “And people who keep their money in a bank can feel comfortable knowing that it’s insured, can’t get stolen or destroyed, and is available to them 24 hours a day, seven days a week, through multiple convenience channels,” she added.
But wait one second here. By my math 53 + 14 + 9 + 5 + 14 = 95. And, in fact, 5% of the respondents had no idea how much they paid per month.
To me, that’s the news here.
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