Most Americans now banking without service fees

Most Americans now banking without service fees
A majority of Americans are paying nothing this year for checking account maintenance and ATM access, a new survey showed on Tuesday
 
The American Bankers Association (ABA) said that 61 percent of bank customers don’t pay any service fees, while 72 percent are charged $3 or less in monthly fees by their banks. 
 
The survey showed that 10 percent of respondents said they pay $10 or more a month, up from 7 percent in 2014. 
 
“We’ve seen tremendous innovations to bank services over the last decade that have allowed our customers to bank in the way that is most convenient for them and at little or no cost,” said Nessa Feddis, the ABA’s senior vice president and deputy chief counsel for consumer protection and payments. 
 
“Today’s consumers have become adept at using the many options that may allow them to bank for free, whether it’s maintaining a minimum balance, opting for direct deposit or using ATMs owned by their bank.” 
 
The annual survey of 1,000 adults was conducted July 8–13.  
 
“The financial services marketplace remains highly competitive, and consumers hold all the cards,” Feddis said. “Many bank customers are continuing to gain free access to a service that ensures their money is secure and available 24/7 across multiple convenient channels.”