Consumers on the lookout for bank fees

If the recession taught consumers anything, it was that they need to be more wary about how banks issue fees. As a result, more consumers are willing to switch banks rather than pay fees, according to a recent survey from Princeton Survey Research Associates International in conjunction with Bankrate.com's Financial Security Index. The agency found that 64 percent of respondents said they would switch financial institutions before submitting to higher fees, and that number increases with high earning power. Seventy-five percent of consumers making $75,000 or more said they would switch banks if their fees increased. "In these economic times, Americans are particularly sensitive to higher bank fees, with 64 percent saying they would consider switching to a different financial institution if their checking account fees increased," said Greg McBride, senior financial analyst for Bankrate.com. Young bankers would also be more motivated to change banks, as 71 percent of respondents 30 years old or younger said they would move their money if fees became too high.