Debit card Debit card fees are currently on the minds of many Americans, but according to a recent survey conducted by SWACHA, one of the largest not-for-profit regional electronic payments associations in the country, the majority of consumers faced with monthly debit card fees are likely to either switch payment methods or debit card providers.
According SWACHA’s recent survey of Texas consumers, 93 percent would either use alternative payment methods or switch providers if charged a debit card fee. Of this group, 36 percent said they would switch debit card providers, 21 percent said they would use credit cards, 20 percent said they would pay with cash and 16 percent said they would write checks.
“Our data shows the first reaction customers will have is to switch providers if faced with a debit card fee,” said Dennis Simmons, AAP, president and CEO of SWACHA. “But if banks continue to institute debit card fees, our research indicates that Texans, may reverse course and credit cards issuers may be the beneficiaries of these actions.”
This consumer data is part of SWACHA’s 2011 Consumer Insights Survey, which tracks consumer trends in electronic payments such as debit and credit cards and mobile banking. The initial results of SWACHA’s survey were first revealed on September 12, 2011, highlighting the fact that among those who indicated they had debit cards, 62 percent claimed a $5 monthly fee would cause them to cancel their card. SWACHA’s first Consumer Insights Survey was conducted in 2009.
About the Survey:
SWACHA’s online survey of 600 Texans was conducted in August 2011 by Decision Analyst with a confidence interval of 95 percent and a corresponding margin of error of +/- 4 percent. Only those respondents who identified themselves as the person responsible for paying household bills were permitted to complete the survey.
SWACHA-The Electronic Payments Resource®, is one of the largest not-for-profit regional payments associations in the country with approximately 1,100 members across the Southwest. SWACHA is the resource of choice for financial institutions and corporations in the areas of education, training, payments system risks and knowledge about electronic payments.