Debit Fees Won't Fly With Most Users

American Banker 
August 13, 2010
Wade, Will
P. 5

An online survey of 1,000 adults by Mercator Advisory Group reveals that many consumers would cease using debit cards and return to paying in cash if a $10 monthly fee was added to the cards. More than three-quarters of respondents with annual incomes of greater than $75,000 said they would make the switch. The poll results also reveal that 33 percent of those queried would seek out decoupled debit cards without fees, and nearly 50 percent would obtain decoupled debit cards with rewards programs. "This study clearly demonstrates just how price-sensitive the consumer market is," according to National Payment Card Association President Joe Randazza notes. "Decoupled debit allows these consumers to avoid fees and obtain rewards, and at the same time help merchants regain control over payment choices."
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