Customers consider leaving banks over debit card fees

Consumers are increasingly willing to change banks over the introduction of new fees on debit card use, according to a survey by Research Intelligence Group.

Consumers are increasingly willing to change banks over the introduction of new fees on debit card use, according to a survey by Research Intelligence Group.

According to the survey, as much as 30 percent of bank customers will consider leaving their banks if such fees are added, and 43 percent reported they'd switch to paying with cash or credit cards to avoid the fees on debit cards.

"There's a lot of consumer discontent within financial services and I think there's a lot of frustration," said Rob Kaplan-Sherman, president of the services division at RIG, according to Bloomberg. "People express that they're going to change their behavior, and that includes changing how and where they bank."

In September, Bank of America announced plans to introduce a $5-per-month fee on debit card use - a move that was similarly matched by banks such as SunTrust and Citibank. However, reaction to the measures have been fierce, and a number of institutions have since backed off of their plans in fear of losing customers.

Bank of America even recently expressed reluctance to follow through with the plan, according to Forbes magazine.