of $100 and $50, respectively. But it's not just overdrafts where incumbents are getting outgunned: 77% of online checking accounts measured have no monthly maintenance fee, while only 30% of traditional accounts can say the same, per MoneyRates.
The best move for banks, however, may be to lean into the circumstances by reducing fees and helping customers do more to avoid getting hit with remaining fees. Over a quarter of US bank customers say they have difficulties with their bank, noting unfair product fees, lack of pricing transparency, and a lack of help with financial needs, per Accenture.
These grievances suggest that US banks have an opportunity to drive substantial goodwill and trust among their customers by reducing the fees they could be hit with and furnishing them with tools that help them keep track of and manage their finances. The latter strategy could prove particularly effective given that over one-third of US consumers say that money management is difficult given a lack of financial understanding or time to address finances.
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