Americans paid at least $1.1 billion at the top five U.S. banks alone last year.
MyBankTracker.com conducted an ongoing checking account survey throughout the 2019 calendar year.
More than 6,300 people responded with their checking-account habits.
Here are some of the top findings:
- U.S. households were charged more than $1.1 billion in monthly services fees at the top five U.S. banks alone in 2019
- That’s at least $91.6 million every month at only five of America’s banks
- More than half said low fees are the most important feature when choosing a bank account (50.71%)
- Only 17.29% said a bank’s customer reviews were most important
- One out of every five U.S. households has a checking-account balance of less than $1,000 - AND - no direct deposit (20.45%)
- While direct deposit was still the leading way money was deposited in 2019 (nearly 40% used this method), mobile deposits increased to 17.4% compared to 14.61% during the same time frame in 2018