Yet another consumer survey has been published, which indicates that a majority of respondents would close their account before they would pay a $5.00 fee for the debit card. A number of banks around the country have begun to do just that and in time, we’ll know whether consumer switching behavior matches these survey results. Since the majority of FIs still offer free checking accounts, consumers have plenty of choices for their new checking account.
“According to SWACHA’s survey, consumers are taking a firm stand against debit card fees. The survey revealed that 93 percent of Texans would either change banks or use another payment method when faced with debit card fees. Most revealing was the fact that when asked to identify what level of monthly fee would cause them to cancel their debit card, 62 percent of those surveyed claimed that a $5 monthly fee would cause them to cancel.”