SOURCE: ACTON Marketing, LLC

ACTON Marketing, LLC

January 12, 2011 09:00 ET

ACTON Marketing Asks: How Will Consumers React to New Bank Fees?

It's One of the Checking Account Questions Answered in National Consumer Research Report

LINCOLN, NE--(Marketwire - January 12, 2011) - Big banks are adding new fees to checking accounts and eliminating free checking to make up for the assumed loss of NSF revenues following the government-mandated overdraft opt-in of 2010. Other banks are following the big banks' lead and the fee-or-free issue is a hot topic in the banking industry.

A new nationwide research study asked consumers their opinions about free checking accounts, new checking fees and account requirements, and what it will take to motivate them to switch accounts to another financial institution.

"Free Checking & The Banking Customer" is the result of a consumer survey conducted during October 2010 by ACTON Market Intelligence. What may be of most interest to banking executives and marketing professionals is the section "Consumers' Projected Reactions to Fee Strategies."

One question asked how the individual would respond if his or her free checking account had fees added to it. A significant two-thirds majority (67%) said they would likely switch to another financial institution.

"Bank and credit union executives across the country are talking about free checking and deciding its future in their own checking programs," says Brian Beach, ACTON Marketing CEO. "This report shows most consumers are not in the mood to pay more banking fees. Those financial institutions that keep free checking will have a market advantage over their competitors."

A Summary Edition of "Free Checking & The Banking Customer" is available from ACTON Marketing at no cost to financial institutions and media representatives at www.actonfs.com/SyndicatedReports.aspx. This free edition includes the executive summary, national statistics and other information. The complete report, which also shows responses by Age, Income and Census Regions, can be ordered from the same Web page for only $99.

"We're making this offer so no bank or credit union will debate whether or not to spend the money," says Beach. "That's how important the information is to executives and marketers at every small, medium and large financial institution."

ACTON Market Intelligence is a consumer research division wholly-owned by ACTON Marketing LLC, in Lincoln, Nebraska. ACTON Marketing is a full-service direct marketing organization that provides complete direct mail marketing programs and strategies to financial services organizations.

©2011 ACTON Marketing, LLC, 3401 NW 39th Street, Lincoln, Nebraska 68524-2208

Contact Information

  • For more information contact
    Angela Hengelfelt
    Market Manager
    Email Contact
    (402) 470-2909