Consumers Ready to Switch Banks After Fee Hikes

As part of Financial Literacy Month, the National Foundation for Credit Counseling (NFCC) published a study on consumer reactions to bank fees.  If fees went up on your checking account, what would you do?

About half of the survey respondents would start shopping for another bank.  However, others would keep their accounts.  The survey responses show:

• 16% would not notice fee increases
• 11% would simply accept the higher fees
• 16% would complain to the bank but not move accounts
  

Whether or not you accept higher fees, it's important to know what you pay and what you get.  Check your accounts online and review periodic statements.  And it's never a bad idea to let your bank know how satisfied you are with fee changes.