ABA to unveil new consumer survey data on key banking policy issues at the 2022 Washington Summit

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According to a new survey conducted by Morning Consult on behalf of the American Bankers Association, US consumers are satisfied with their bank, value overdraft protection and support cannabis banking. The survey found that 9 in 10 Americans with a bank account (89%) say they are “very satisfied” or “satisfied” with their main bank, and 88% agree that when choosing products and services, they like bank accounts and credit have several options and credit cards.

The survey, conducted in mid-February and presented today during the 2022 ABA Summit in Washington, also offers important perspectives from everyday consumers on the cost of maintaining a bank account. The data shows that 83% of US adults believe their bank is transparent in disclosing fees, and 62% believe the account fees charged by their bank are reasonable.

“Consumers are clearly satisfied with their bank, which reflects our industry’s core commitment to helping clients, customers and communities thrive,” said Rob Nichols, President and CEO of ABA. “This new survey data shows that consumers appreciate and understand the wide range of banking products and services available to them.”

The survey also examined consumer sentiment on overdraft fees, which have been a hot topic in Washington lately. Nine in 10 consumers (89%) find their bank’s overdraft protection valuable, and 3 in 4 consumers (74%) who paid an overdraft fee in the past year were glad their bank covered their overdraft payment rather than returning the payment or to refuse. Sixty-one percent of consumers think it’s appropriate for banks to charge a fee for an overdraft, and three-quarters of consumers (74%) think overdraft fees are appropriate when large payments like a mortgage or rent are covered and paid on time. Significantly more consumers said they would be more likely to oppose (54%) than support (26%) a government proposal to prevent banks from offering overdraft protection.

“Consumers enjoy a wide variety of financial products and services, and that’s especially true when it comes to overdraft programs,” Nichols said. “What this survey shows us is that Americans value and value overdraft protection, and understand that it is a helpful service that comes at a reasonable price. Banks remain committed to helping their customers understand their overdraft options and make informed decisions about them.”

The survey also examined consumer opinions on cannabis banking. A strong majority of American adults (65%) support cannabis companies’ access to banking services such as checking accounts and business credit in states where cannabis is legal, while only 15% oppose it. Seven out of 10 support Congress passing legislation that would allow cannabis businesses access to banking services such as checking accounts and business loans in states where cannabis is legal.

“Consumers clearly agree that now is the time to resolve the ongoing conflict between state and federal law so that banks can service legal cannabis and cannabis-related businesses,” Nichols said. “This will help banks meet the needs of their communities while improving public safety, increasing tax collection efficiency and improving the financial transparency of the cannabis industry.”

ABA released an accompanying infographic highlighting the survey results. The full results for the survey questions are as follows:

When asked “On a scale of 1-5, with 5 being very satisfied and 1 being very dissatisfied, how satisfied are you with your bank?” Respondents who have bank accounts gave the following answers:

  • 5 – Very satisfied – 54%
  • 4 – Satisfied – 35%
  • 3 – Neither satisfied nor dissatisfied – 9%
  • 2 – dissatisfied – 2%
  • 1 – Very dissatisfied – 1%

When asked “Do you agree or disagree that you have multiple options to choose from when choosing financial products and services such as bank accounts, loans and/or credit cards?” Consumers provided the following responses:

  • Totally Agree – 53%
  • Tend to agree – 35%
  • Tend to disagree – 5%
  • Strongly disagree – 2%
  • Don’t know/no opinion – 6%

When asked, “Based on your knowledge, how transparent do you think your main bank is in disclosing the fees you are charged?” consumers provided the following responses:

  • Very transparent – 46%
  • Somewhat transparent – 37%
  • Not transparent – 9%
  • Not at all transparent – ​​3%
  • Don’t know/No opinion – 6%

When asked, “How sensible is it for your main bank to charge fees for maintaining your bank account?” Consumers provided the following responses:

  • Very reasonable – 30%
  • Somewhat reasonable – 32%
  • Rather unreasonable – 16%
  • Very unreasonable – 15%
  • Don’t know/no opinion – 7%

When asked “How valuable do you find your bank’s overdraft protection?” Consumers gave the following responses:

  • Very valuable – 51%
  • Rather valuable – 38%
  • Not too valuable – 6%
  • Nat valuable at all – 1%
  • Don’t know/no opinion – 4%

When asked “Regarding the bank covering your overdraft payment, were you happy that the payment was covered, or would you have preferred to return the bank or decline the payment?” Consumers who paid an overdraft fee in the past year , gave the following answers:

  • I’m glad the payment was covered – 74%
  • Would have preferred the bank to return or decline the payment – 23%
  • Don’t know/no opinion – 3%

When asked, “In your opinion, how sensible is it for banks to charge overdraft fees?” Consumers gave the following answers:

  • Very reasonable – 21%
  • Somewhat sensible – 40%
  • Slightly unreasonable – 15%
  • Very unreasonable – 14%
  • Don’t know/no opinion – 9%

When asked ‘Knowing the following, how appropriate do you think it is for banks to charge overdraft fees? Banks’ overdraft protection ensures that large customer payments, such as mortgages or rent payments, are covered and paid on time if those payments overdraw a customer’s accountConsumers gave the following responses:

  • Very reasonable – 33%
  • Somewhat reasonable – 41%
  • Slightly unreasonable – 10%
  • Very unreasonable – 5%
  • Don’t know/no opinion – 12%

When asked ‘Knowing the following, how appropriate do you think it is for banks to charge overdraft fees? Bank overdraft protection protects customers from late payment or other penalties when payments overdraw a customer’s accountConsumers gave the following responses:

  • Very reasonable – 31%
  • Somewhat reasonable – 42%
  • Somewhat unreasonable – 11%
  • Very unreasonable – 5%
  • Don’t know/no opinion – 11%

When asked “Do you support or oppose a government proposal that would prevent banks from offering bank overdrafts?” Consumers gave the following answers:

  • Strong Support – 12%
  • Some support – 14%
  • Rather against – 22%
  • strongly reject –32%
  • Don’t know/No opinion – 20%

When asked “Do you support or oppose allowing cannabis businesses to access traditional banking services such as a checking account or business loan in states where cannabis is now legal?” Consumer responses were as follows:

  • Strong Support – 40%
  • Some support – 25%
  • Rather against – 7%
  • strongly reject –8%
  • Don’t know/No opinion – 21%

When asked “Do you support or oppose Congress passing legislation that would allow cannabis businesses to access banking services and financial products (such as checking accounts and business loans) in states where cannabis is legal?” Consumers provided the following Reply:

  • Strong support – 42%
  • Some support -26%
  • Rather against – 7%
  • strongly disagree – 8%
  • Don’t know/no opinion – 16%

About the poll

This survey was conducted by Morning Consult on behalf of the American Bankers Association on February 18-19, 2022 among a national sample of 2,210 adults. The interviews were conducted online and the data were weighted to approximately form a target sample of adults based on age, race/ethnicity, gender, education level and region. The full survey results have a margin of error of plus or minus 2 percentage points.

The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, made up of small, regional and large banks collectively employing more than 2 million people, $19.7 trillion in deposits Secure dollars and make $11.2 trillion in loans.

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