Fees Cause Customers to Reevaluate Bank Relationships, According to a New Survey

CHICAGO--(BUSINESS WIRE)--A new study of U.S. banking customers and their attitudes toward fees has uncovered that nearly one in three customers considered changing banks because of those fees.

The second annual study, commissioned by McGuffin Creative Group and conducted by YouGov, sheds light on customers’ perceptions and attitudes toward common banking fees and how their bank communicates those fees.

Confirming last year’s results, nearly half of customers (47%) don’t consider banking a “service.” The finding is supported by the fact that customers continue to perceive fees they deem “service fees” as unfair, despite their infrequency. For example, “teller service fees” are seen as the least fair fee (in a ranking of 11 fees on a scale of most to least fair), although 79% of customers report never having paid one.

What’s more, older customers — those 55 and up — take a dimmer view of most fees than younger customers, a warning sign for banks seeking to build loyalty among a high-value base.

According to Betsy Fiden, partner and head of marketing and strategy at McGuffin Creative Group, the 2022 findings represent a red flag for bank marketers — and an opportunity.

“Customers’ antipathy toward fees is clearly a threat to banking relationships, especially among an older and valuable demographic,” Fiden says. “The good news for bank marketers is that there’s an untapped potential for outreach, to be clear with customers about fees, to listen to their concerns and make them feel heard and informed. It’s not just about communicating the ‘what’ behind fees but the ‘why’.”

For access to the free survey report “Banks, Customers and Fees: An In-Depth Look for Bank Marketers,” visit: https://pages.services/info.mcguffincg.com/banking-fees-research-2022/

Methodology:

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,059 adults, of whom 1,520 qualified as banking customers (by merit of having a checking and/or savings account). Fieldwork was undertaken June 8-15, 2022. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+).

About McGuffin:

Founded in 2004, McGuffin Creative Group provides a range of marketing services, including branding, digital communications and print communications, to clients in the banking, financial services and healthcare industries. McGuffin's headquarters are in Chicago’s West Loop.