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Growing Majority of Bank Customers Pay No Monthly Fees

Posted on 9/10/2014

Sixty-two percent of bank customers pay no monthly account fees for banking services, according to an ABA survey released yesterday -- up seven points from the year before and up three points from 2012. An additional 12 percent of customers pay $3 per month or less.

Only 7 percent of customers -- half the number a year before -- pay over $10 per month in fees according to the survey of 1,000 U.S. adults, conducted annually for ABA by Ipsos Public Affairs since 1998.

"The financial marketplace is competitive and consumers are in control," said ABA SVP Nessa Feddis. "These survey results reinforce that bank customers understand their options and have become adept at managing their finances to easily avoid paying fees."

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