Published on February 15, 2023
Consumers demand reduction or elimination of fees from their financial services providers
While inflation seems to be abating, one thing consumers should always be on the lookout for is how to reduce their monthly costs. One way to do that is by reducing the fees charged by your financial institution.
A 2022 survey from Bankrate indicates that one in four Americans with a checking account are paying monthly fees to their financial institution. The study found that such fees average up to $24 per month or nearly $300 per year and that as many as 57 million Americans are shelling out money for checking fees each month.
Many consumers are choosing to pay these fees at the expense of moving to a new financial institution, as the study showed that 31 percent of account holders are paying these extra costs to avoid the hassles associated with moving to a new institution. Brand loyalty is important but at what expense?
Community Choice understands that members should not be asked to pay unnecessary fees. Several Community Choice fees have been reduced or eliminated for 2023. Notary and signature guarantees, verifications of deposit, fax requests and other services that previously had a small fee are now free as well. There is never a charge for e-Statements.
However, it is also important to reduce or eliminate fees on checking accounts. Overdrafts of $10 or less come with no charge and fees for larger overdrafts are reduced.
Choice Checking is a premium checking option designed to help members save and protect their money. It allows members to earn interest on $2,500 and greater with no minimum balance and comes with other features such as identity theft protection, cellular phone protection when phone bill is paid through the Choice Checking account, travel and leisure discounts and more.
Fees are no fun, so it pays to shop for a financial services provider who makes it easier for you to keep your costs down. Speak with a Community Choice team member today at any one of our 22 member centers or visit us online to learn more.