The ire exhibited by consumers in the wake of Bank of America’s recent announcement that it would impose a $5 monthly fee for using debit cards for retail purchases does not seem to have been a momentary flash — at least, not based on findings in a survey by The Research Intelligence Group. Thirty percent of U.S. consumers would leave their bank over debit card fees, it indicated. Another 43 percent would move to paying with cash or credit if the bank were to implement such a charge. Only 13 percent of respondents said they would be willing to pay debit card-related fees, assuming they were reasonable.
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Debit Card Fees May Drive Disgusted Bank Customers to Credit Unions
Posted by: Erika Morphy October 25, 2011 09:37 AMThe ire exhibited by consumers in the wake of Bank of America’s recent announcement that it would impose a $5 monthly fee for using debit cards for retail purchases does not seem to have been a momentary flash — at least, not based on findings in a survey by The Research Intelligence Group. Thirty percent of U.S. consumers would leave their bank over debit card fees, it indicated. Another 43 percent would move to paying with cash or credit if the bank were to implement such a charge. Only 13 percent of respondents said they would be willing to pay debit card-related fees, assuming they were reasonable.