Hate the Fees? Fire Your Bank!
You CAN fire your bank!
Americans Would Rather Switch Banks Than Pay Higher Fees
With analysts speculating that checking fees may soar, consumers face big decisions ahead. This month’s Financial Security Index, released by Bankrate Inc., shows that nearly two-thirds of Americans say they would bolt over increased bank fees. Among the findings:
- At 75%, adults making $75,000 or more per year, were most likely to consider moving their accounts.
- 71% of people under the age of 30 would choose a new financial institution if prices rose; it was 68% among those aged 30 to 49.
- In addition to concern over increased fees, Americans feel less secure with their overall finances for the second consecutive month.
- Americans are also increasingly uneasy about their debt levels, and the number of people who feel less secure about their jobs is up even with unemployment falling. Also, people’s sentiments about their net worth is unchanging, despite strong stock market gains over the last 12 months.