WASHINGTON, September 1, 2011:   Almost three out of every 4 bank customers –71%–choose account services that help them avoid paying fees, according to a new survey by the American Bankers Association.

When it comes to checking account monthly fees and ATM access, 82% of consumers spend $3 or less each month.

"It's impressive that so many customers avoid paying any bank fees," said Nessa Feddis, ABA vice president, senior federal counsel and retail banking expert. "It shows that consumers are savvy and able to navigate the new banking landscape with skill. Often, avoiding bank fees can be as simple as maintaining a minimum balance or accepting a paycheck by direct deposit," Feddis added.

When asked to estimate the amount spent each month on service fees for checking and ATM access, the survey respondents provided the following responses:

• 71% said they pay nothing;
• 11% said $3 or less;
• 6% said $4 to $6;
• 4% said $7 to $9; and
• 7% said they pay $10 or more.

"Consumers should know that bank accounts cost little or nothing for most people," Feddis said. "And people who keep their money in a bank can feel comfortable knowing that it's insured, can't get stolen, lost, or destroyed, and is available to make payments or get cash 24 hours a day, seven days a week, through multiple convenient channels," she added.

The ABA’s annual survey was conducted by Ipsos Public Affairs, an independent market research firm, August 12-14, 2011.  Ipsos collected data from 2,011 U.S. adults aged 18 and older.   

Weighting was employed to balance demographics and ensure that the sample's composition reflects that of the universe.  A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/- 2.2%age points 19 times out of 20 of what the results would have been if the entire population of adults aged 18 and older in the United States had been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

This was the first time the survey was conducted online; previous surveys were conducted by telephone.  ABA has conducted the survey annually since 1998.

SOURCE: American Bankers Association