Survey results: Boston.com readers voice distaste for proposed debit card fee

“Banks have been making more and more money on fees as opposed to their traditional sources of revenues,” one reader noted in their response. “This has been made much worse with the housing crisis and the current low interest rates.”

A little more than half the respondents currently banked at a large institution, and said their decision to do so was mainly because of the convenience of branches and ATMs nationally and internationally, as well as access to online banking services. About 23 percent of respondents said they used a regional bank, citing the customer service and personalized attention and the convenience of local branches and ATMs. A few respondents said they wanted to support local business by using a regional bank, or avoid fees.

Those who said they are credit union customers cited more favorable rates for personal banking and other services as the main reason for choosing that form of banking. They also said, “Trust in the institution” and the convenience of local branch and ATMs influenced their decision.

A few respondents noted that they use a combination of national and regional banks for different banking needs.

As to the question, “What might persuade you to stay with your bank even if a debit card fee is implemented?” – About 43 percent said only if their need for national, or international, ATM and other access could be achieved through a larger bank would they stay. 39 percent said they would also consider staying if their need for other banking or brokerage services outweighed the cost of the fee.

However, several inserted additional comments to this question, saying:

“Nothing would persuade me to pay money to spend my own money.”

and

“Straight up, I will switch. I will not pay to access my own money. Period.”

Thanks to everyone who shared their views in the survey!