Fees Matter Most When Choosing a Bank: Survey

February 12, 2014
American Banker 
Bank fees could make or break customer loyalty, according to a survey from GoBankingRates. Out of 1,517 poll respondents, 45 percent said that "low or no fees" is the banking feature or service that matters most to them. For 17 percent, online and mobile banking features were top priority. Other influential factors included convenient branch locations, exceptional customer service, and interest rates.

Americans appeared to care about fees regardless of their income bracket. However, the highest earners had a different set of priorities. Among those earning between $100,000 and $149,000, just 6.7 percent cited fees as the most important bank feature. Instead, 46.7 percent said that interest rates mattered most in their choice of financial institution.

Bank customers' priorities also appeared to break down along generational lines. Consumers between the ages of 18 and 24 were most likely to give precedence to online and mobile banking. Twenty-one percent of people 65 and over prioritized customer service, more so than any other age group.

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