NEW YORK – About 30 percent of U.S. consumers said they’d leave their banks over fees for using their debit cards, according to a survey by the Research Intelligence Group.
About 43 percent said they’d switch to paying with cash or credit cards if their bank implemented charges; 13 percent said they’d pay the fee if it was “reasonable,” according to the survey released last week by the consulting and market-strategy firm.
“There’s a lot of consumer discontent within financial services, and I think there’s a lot of frustration,” said Rob Kaplan-Sherman, president of the services division of the research group. “People express that they’re going to change their behavior, and that includes changing how and where they bank.”
The survey comes as the largest banks, including Bank of America, are testing or planning to start charging fees of as much as $5 a month for consumers who have a debit card or use one for purchases.
Low- to middle-income consumers are more likely to pay the fees, according to the survey. About 22 percent of those consumers, defined as those households earning $35,000 to $49,000 a year, would be willing to pay the fee, compared with 14 percent of consumers whose households earn $100,000 or more.
“Less-affluent populations often feel like they have fewer options at their disposal,” Kaplan-Sherman said.
Bank of America, the nation’s second-largest bank by assets, next year plans to start charging some debit card users a monthly fee of $5 if they use the cards for purchases. JPMorgan Chase & Co. began testing a $3 monthly fee for certain customers with debit cards in two states in February. U.S. Bancorp, the nation’s fifth-largest commercial bank, says it has no plans to implement a fee for customers’ debit card use.
The new debit charge may attract business by encouraging customers to use more of the banks’ services to avoid the fee, Brian Moynihan, chief executive officer of Bank of America, said in a conference call Tuesday.
Rep. Brad Miller, D-N.C., a member of the House Financial Services Committee, this month introduced a bill that would prohibit banks from imposing fees on people who close accounts.
The Research Intelligence Group surveyed 1,000 U.S. adults online in October.
