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Americans lost $1.1B in monthly checking fees from banks last year

Posted at 2:01 PM, Aug 19, 2020
and last updated 2020-08-19 17:09:37-04

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