Due to the economy, many banks have changed the way they do business, and this often means consumers end up paying more. ATM and banking fees are up near record highs according to a recent industry report. How are these fees impacting Americans and their banking habits? How many think these fees are fair and how many try to avoid them altogether?
In Ask Your Target Market’s latest survey, 19% of respondents said they go to an ATM at least once per week. 20% said they visit an ATM every few weeks. 14% said they go about once per month. And 30% said they rarely go to ATMs. Just 18% of overall respondents said they never go to ATMs.
Free checking accounts are also reportedly becoming less common. But 75% of respondents said they currently have a free checking account, and just 13% said they have a checking account that isn’t free. 12% said they don’t have a checking account at all.
Of the respondents who go to ATMs, 13% said they always end up paying a fee. 7% said they have to pay a fee more than half the time. 8% said they have to pay ATM fees about half the time. 20% said they rarely have to pay ATM fees. 47% said they don’t ever pay ATM fees because they always use their home branch. And just 6% said they never encounter fees at other ATM locations.
23% of those who pay ATM fees at least sometimes said they have noticed big increases in fees over the past year. 46% said they have noticed some increases over the past year. And 32% said they haven’t noticed any increases.
Overall, only 9% of respondents said they think ATM fees are fair. 35% said they don’t think the fees are fair, but they don’t have a big problem paying them because of the convenience factor. And 55% said they flat out think ATM fees are unfair.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on September 25 via AYTM’s online survey panel.