Communicating fees
Customers don’t stay current with fee policies.
- Half of respondents were in the dark as to whether their bank had made changes to its fee policy or not.
- But of the 16% who were aware of a change, it had a net-positive response; 73% of customers said their perception of their bank changed for the better.
- Customers responded overwhelmingly well to banks that reached out and communicated fee changes clearly.
Has your bank eliminated and/or reduced any fees recently?
Source: McGuffin/YouGov Banks, Customers and Fees survey, 2022
