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Bank Fee Finder - April 2017 Report

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Bank Fee Finder (bankfeefinder.com) is a free reporting service that empowers Americans to uncover how much they’re paying in hidden bank fees.

It connects to your bank account and provides a personalized report that shows how much you've paid in ATM, overdraft, monthly, and other hidden fees (foreign transaction, excess activity, etc.) along with comparisons to U.S. averages.

The April 2017 Bank Fee Finder Summary Report represents data from over 5,000 individual users with U.S. bank accounts. Five major banks (Bank of America, CitiBank, JPMorgan Chase, Wells Fargo, and US Bank) made up 83% of all Bank Fee Finder users’ accounts.

Bank Fee Finder was created by the team at Chime, a bank account that helps members avoid fees, live healthy financial lives and save money, automatically.

Learn more at chimebank.com.

Published in: Economy & Finance
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Bank Fee Finder - April 2017 Report

  1. 1. April 2017 Report
  2. 2. Bank Fee Finder Summary Report, April 2017 © Chime Bank Fee Finder (bankfeefinder.com) is a free reporting service that empowers Americans to uncover how much they’re paying in hidden bank fees. It connects to your bank account and provides a personalized report that shows how much you've paid in ATM, overdraft, monthly, and other hidden fees (foreign transaction, excess activity, etc.) along with comparisons to U.S. averages. Bank Fee Finder was created by Chime, a bank account that helps people avoid fees and automate their savings. 2
  3. 3. Bank Fee Finder Summary Report, April 2017 © Chime The Business of Bank Fees 3
  4. 4. Bank Fee Finder Summary Report, April 2017 © Chime From 1984 to 2015, banks more than doubled their revenue from fees. 4Source: Pew Charitable Trust Inflation-adjusted deposit account fee revenue 1984-2015
  5. 5. Bank Fee Finder Summary Report, April 2017 © Chime Hidden bank fees are contributing to a massive redistribution of wealth in America. 5 CEO’s of the six largest banks avg $20MM in salary --roughly 455x the avg US worker salary. Source: Fortune Americans pay $329 in bank fees a year on avg, most of that due to overdraft “protection” Source: BankFeeFinder.com Banks made $33B in overdraft fees alone in 2016 Source: NBC News
  6. 6. Bank Fee Finder Summary Report, April 2017 © Chime Meanwhile, Americans struggle to save money and many wouldn’t be able to cover an emergency. 6 Source: Bankrate Source: Bankrate
  7. 7. Bank Fee Finder Summary Report, April 2017 © Chime 7 Putting bank fees in context $38 Average overdraft fee amount, even on a $3 coffee. Source: Pew Charitable Trusts $33B 2016 total overdraft fees banks collected = Iceland GDP Source: NBC News $290 vs. $103 Annual household spending, bank fees vs. books Source: TransferWise & Bureau of Labor Statistics
  8. 8. Bank Fee Finder Summary Report, April 2017 © Chime The irony of overdraft “protection” 8 17,000% APR The typical interest rate associated with overdraft fees. Source: Pew Charitable Trusts 52% Percent who don’t remember opting in to overdraft fees. Source: Marketwatch 68% Percent who would rather to have been declined rather than incur the fee. Source: Pew Charitable Trusts
  9. 9. Bank Fee Finder Summary Report, April 2017 © Chime Bank Fee Finder Summary Report The Data 9
  10. 10. Bank Fee Finder Summary Report, April 2017 © Chime Average Bank Fees Per Year $329 10
  11. 11. Bank Fee Finder Summary Report, April 2017 © Chime 11 That means $27 monthly for a bank account
  12. 12. Bank Fee Finder Summary Report, April 2017 © Chime Average annual bank fees cost more than Netflix, Spotify, and Amazon Prime combined. 12 $96 $99 $120 $329
  13. 13. Bank Fee Finder Summary Report, April 2017 © Chime $250 Overdraft $43 Other $23 Monthly $13 ATM Overdraft fees make up the majority of bank fees at $250per year on average 13
  14. 14. Bank Fee Finder Summary Report, April 2017 © Chime Among those paying overdraft fees, the annual average is $412 14
  15. 15. Bank Fee Finder Summary Report, April 2017 © Chime Bank fees increase with age. Baby Boomers’ average annual bank fees are $413 Millennials Gen X Baby Boomers $308 $401 $413 15
  16. 16. Bank Fee Finder Summary Report, April 2017 © Chime Students pay 35% less in annual bank fees compared to the U.S. average. Students ($212) U.S. Average ($329) 16 Many banks lure students with fee-free accounts, but only until they graduate.
  17. 17. Bank Fee Finder Summary Report, April 2017 © Chime Bank of America customers pay the most in bank fees. $497 $302 $268 $265 17
  18. 18. Bank Fee Finder Summary Report, April 2017 © Chime About the Data The April 2017 Bank Fee Finder Summary Report represents data from over 5,000 individual users with U.S. bank accounts. Five major banks (Bank of America, CitiBank, JPMorgan Chase, Wells Fargo, and US Bank) made up 83% of all Bank Fee Finder users’ accounts. 18 Other 28% 23% 23% 17% 5% 4%
  19. 19. Bank Fee Finder Summary Report, April 2017 © Chime About Us Bank Fee Finder was created by the team at Chime, a bank account that helps members avoid fees, live healthy financial lives and save money, automatically. Learn more at chimebank.com. 19
  20. 20. Bank Fee Finder Summary Report, April 2017 © Chime It’s time to stop paying unnecessary fees. Learn more at chimebank.com 20

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