Inertia costs bank customers $100 each a year
Bank customers could save a collective $360 million each year at least, and as much as $600 million a year, if only they overcame their inertia and transferred their transaction banking business to a cheaper bank. Analysis by investment bank Merrill Lynch shows that most bank customers pay at least $100 each a year in basic account transaction fees, including monthly fees, ATM fees, and excess usage fees. Some banks offer “all you can eat” style accounts with flat monthly fees of between $3 and $5. Commonwealth Bank appears to have the highest fees among major banks, and the most to lose in terms of profits if people changed banks.