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Bank Fee Finder (bankfeefinder.com) is a free
reporting service that empowers Americans to
uncover how much they’re paying in hidden bank
fees.
It connects to your bank account and provides a
personalized report that shows how much you've
paid in ATM, overdraft, monthly, and other
hidden fees (foreign transaction, excess activity,
etc.) along with comparisons to U.S. averages.
Bank Fee Finder was created by Chime, a bank account that
helps people avoid fees and automate their savings.
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3. Bank Fee Finder Summary Report, April 2017 © Chime
The Business of
Bank Fees
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4. Bank Fee Finder Summary Report, April 2017 © Chime
From 1984 to 2015, banks more than
doubled their revenue from fees.
4Source: Pew Charitable Trust
Inflation-adjusted deposit account fee revenue 1984-2015
5. Bank Fee Finder Summary Report, April 2017 © Chime
Hidden bank fees are contributing to a
massive redistribution of wealth in
America.
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CEO’s of the six largest banks avg
$20MM in salary --roughly 455x
the avg US worker salary.
Source: Fortune
Americans pay $329 in bank
fees a year on avg, most of that
due to overdraft “protection”
Source: BankFeeFinder.com
Banks made $33B in overdraft
fees alone in 2016
Source: NBC News
6. Bank Fee Finder Summary Report, April 2017 © Chime
Meanwhile, Americans struggle to save
money and many wouldn’t be able to cover
an emergency.
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Source: Bankrate Source: Bankrate
7. Bank Fee Finder Summary Report, April 2017 © Chime 7
Putting bank fees in context
$38
Average overdraft fee amount,
even on a $3 coffee.
Source: Pew Charitable Trusts
$33B
2016 total overdraft fees banks
collected = Iceland GDP
Source: NBC News
$290 vs. $103
Annual household spending,
bank fees vs. books
Source: TransferWise & Bureau of Labor Statistics
8. Bank Fee Finder Summary Report, April 2017 © Chime
The irony of overdraft “protection”
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17,000% APR
The typical interest rate
associated with overdraft fees.
Source: Pew Charitable Trusts
52%
Percent who don’t remember
opting in to overdraft fees.
Source: Marketwatch
68%
Percent who would rather to have been
declined rather than incur the fee.
Source: Pew Charitable Trusts
9. Bank Fee Finder Summary Report, April 2017 © Chime
Bank Fee Finder Summary Report
The Data
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10. Bank Fee Finder Summary Report, April 2017 © Chime
Average Bank Fees
Per Year
$329
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11. Bank Fee Finder Summary Report, April 2017 © Chime 11
That means
$27
monthly for a
bank account
12. Bank Fee Finder Summary Report, April 2017 © Chime
Average annual bank fees cost more
than Netflix, Spotify, and Amazon
Prime combined.
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$96 $99 $120 $329
13. Bank Fee Finder Summary Report, April 2017 © Chime
$250 Overdraft
$43 Other
$23 Monthly
$13 ATM
Overdraft fees make up the majority
of bank fees at
$250per year on average
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14. Bank Fee Finder Summary Report, April 2017 © Chime
Among those paying
overdraft fees, the
annual average is
$412
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15. Bank Fee Finder Summary Report, April 2017 © Chime
Bank fees
increase with age.
Baby Boomers’
average annual
bank fees are
$413 Millennials Gen X Baby Boomers
$308
$401
$413
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16. Bank Fee Finder Summary Report, April 2017 © Chime
Students pay
35% less
in annual bank fees
compared to the
U.S. average.
Students
($212)
U.S. Average
($329)
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Many banks lure students with fee-free
accounts, but only until they graduate.
17. Bank Fee Finder Summary Report, April 2017 © Chime
Bank of
America
customers pay
the most in
bank fees.
$497
$302
$268
$265
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18. Bank Fee Finder Summary Report, April 2017 © Chime
About the Data
The April 2017 Bank Fee Finder
Summary Report represents data
from over 5,000 individual users
with U.S. bank accounts. Five
major banks (Bank of America,
CitiBank, JPMorgan Chase, Wells
Fargo, and US Bank) made up 83%
of all Bank Fee Finder users’
accounts.
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Other
28%
23%
23%
17%
5%
4%
19. Bank Fee Finder Summary Report, April 2017 © Chime
About Us
Bank Fee Finder was created by the team at Chime, a bank
account that helps members avoid fees, live healthy financial
lives and save money, automatically.
Learn more at chimebank.com.
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20. Bank Fee Finder Summary Report, April 2017 © Chime
It’s time to stop paying unnecessary fees.
Learn more at chimebank.com
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