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Bank Analysis says Consumers will Flee Banks with Checking Fees

 

“In March 2011, nearly two out of three U.S. consumers (64 percent) surveyed on behalf of Bankrate Inc. said they’d consider switching banks if their banks raised checking account fees.

 

“Those most likely to switch were young (71 percent of folks under 30) and affluent (75 percent of those earning more than $75,000 a year). More recently, media outlets have been heralding the news of higher checking account and debit card fees, sowing consumer indignation in their wake.”

 

http://www.greensheet.com/emagazine.php?issue_number=&story_id=2672

 

According to the Federal Reserve, there are 14,821 banks in the United States not affected by debit swipe fee reform and therefore plenty of options for accountholders unhappy with fees imposed by Bank of America.