Sixty-five percent of consumers spend $3 or less in monthly fees for bank services such as checking account maintenance and ATM access, according to a recent survey by the American Bankers Association.

The portion of consumers this year that pay no bank fees grew to 52 percent, a 9 percent increase from 2006. "Bank customers are smart shoppers and by choosing products based on need, price and convenience, they are able to minimize the cost of banking services," said Nessa Feddis, ABA senior federal counsel and retail banking expert.

The annual survey of 1,000 consumers, conducted for ABA by Ipsos Reid on July 24-26, typically asks questions designed to take a snapshot of current consumer trends. When asked how much they estimate they spend on fees for banking services each month, such as checking account maintenance and ATM access, consumers provided the following responses:
- 52 percent said they pay nothing;
- 13 percent said $3 or less;
- 9 percent said $3-$6;
- 3 percent said $6-$8;
- 5 percent said $8-$10; and
- 13 percent said they pay more than $10.

"The results are reflective of the increasing competitive focus among banks to provide the best customer service. Consumers now have affordable access to a full array of bank services around the world 24 hours a day seven days a week," said Feddis. While some consumer groups place focus on avoidable fees at the highest end of the spectrum, the survey clearly shows that the vast majority of bank customers manage their financial costs well.
The ABA offers the following tips to help further reduce consumer costs:
- ATM Machines - Avoid foreign banking fees by using your own bank's ATM.
- Electronic Accounts - Many banks offer free accounts if you do everything electronically.
- Minimum Balance - Keep at least the minimum balance in your account.
- Don't Overdraw - Keep track of transactions and account balances to avoid bounced-check fees.
- Direct Deposit - Some checking accounts are free when your paycheck is automatically deposited each month.