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We Don’t Mind Bank Fees Anymore. Really?

Poll QuestionA new study has found that banking customers have become less “price sensitive.”

That’s a nice way of saying that we don’t care as much about about the fees banks charge.

J.D. Power’s 2014 Retail Banking Satisfaction Study found that “fees satisfaction” – a grand euphemism if we ever heard one – increased to 594 on a 1,000-point scale.

This represents an industry average of all customers who pay a monthly maintenance fee.

For affluent customers, it’s 726.

Both numbers are up significantly from 2013, when the industry average was 500 and affluent customers logged 540.

It’s not just fee acceptance that has improved, either. Americans are increasingly satisfied with their overall banking experience. You can see the full findings in an earlier post here.

As to fees, what gives?

In its blog, J.D. Power says that “banks are doing a better job of illustrating their ‘value proposition,’ which has helped mitigate dissatisfaction with fees. In other words, customers have a better understanding of the services and features available to them for the price they are paying.”

Really?

This more rings of resignation than understanding to us.

Not that any of our readers need this reminder, but paying a fee means that you’re paying a bank to keep your money for you.

We don’t like this. And you don’t have to put up with it.

In 2013, Bankrate.com found that 38% of checking accounts offered by major banks remained free, down from 76% just four years earlier. So it’s become more difficult – but not impossible – to find an account that won’t sock you for just parking your money.

We regularly feature free accounts – that will pay you money to open them – in our checking account channel.

If you’re paying a fee now, will you consider switching?

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How do you feel about bank fees?
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