Most persons try to avoid bank fees – US Study

In a US Study (that has been conducted annually since 1998 by the American Bankers Association), the most recent survey has found that at least 71% (of the 2,000 adults surveyed online), try to avoid bank fees.

When asked how much they estimate they spend on fees for banking services each month such as checking account maintenance and ATM access, consumers provided the following responses:

• 71 percent said they pay nothing;
• 11 percent said $3 or less ($J270*);
• 6 percent said $4 to $6 ($J540*);
• 4 percent said $7 to $9 ($J810*); and
• 7 percent said they pay $10 or more ($J900*).

Developing markets

It is interesting to note, that some research has proven, that people do NOT want to pay bank fees, it at all possible. It would also be good to see similar studies being done in the developing markets.  I know for instance that in Jamaica, there are options for people to avoid banking fees, that are not fully availed of. Some institutions promote these options but customers do not fully utilize. The question is then, are the people in the ‘developed’ markets like the USA more willing to undertake certain activities to reduce fees? Why? Or stated differently, ‘Are Caribbean persons more willing to pay for certain services, as they have a certain mindset?’ Or are Caribbean people just as willing to avoid fees?

There are a number of factors that contribute as well, access to alternative options, like technology. However, all being said, it would be still good to know, if the survey results in this study would be still applicable to other areas.

*Conversions done at US$1:J$90. Thanks for the picture