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Most Americans pay little or nothing in ATM, account maintenance fees

Annual ABA survey shows that 'consumers are in control' and have become adept at avoiding bank fees.

September 10, 2014

The majority of Americans — 62 percent — pay nothing for bank services such as checking account maintenance and ATM access, and most bank customers (74 percent) spend $3 or less in monthly fees, according to a recent survey by the American Bankers Association.

"Banking services are a great value for consumers, and bank customers have more choices than ever before," said Nessa Feddis, ABA senior vice president and deputy chief counsel for consumer protection and payments. "Increasingly, consumers are finding that simple steps like having their paychecks directly deposited or using ATMs owned by their bank result in a free service that protects their money and makes it available 24/7."

Consumers offered these responses to the question, "How much do you estimate you spend on fees for banking services each month, such as fees for checking account maintenance, ATM use and so forth?":

• 62 percent said they pay nothing (55 percent in 2013);
• 12 percent said $3 or less (10 percent in 2013);
• 7 percent said $4 to $6 (8 percent in 2013);
• 3 percent said $6 to $9 (4 percent in 2013);
• 7 percent said $10 or more (14 percent in 2013); and
• 9 percent were unsure (no change).

Notably, the number of people who said they pay nothing in bank fees increased 7 percent in the last year, while those who reported paying $10 or more per month decreased 7 percent. 

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

The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, Aug. 7-12, 2014. ABA has conducted the survey annually since 1998.