SWACHA Survey Reveals Most Consumers Can Avoid Recently Announced Checking Fees Through Direct Deposit

Dallas, TX, March 22, 2012 --(PR.com)-- During the past several weeks consumers have seen headlines that some banks are adding new fees to their checking accounts. But according to SWACHA, one of the largest not-for-profit electronic payments associations in the country, many consumers may not see these fees on their statements any time soon.

“Almost all of the recent checking fees announced by these banks will be automatically waived if customers deposit at least $500 per month into their checking accounts using Direct Deposit via ACH, which, according to the data from our 2011 Consumer Insights Survey, applies to 85 percent of those we surveyed,” said Dennis Simmons, AAP, president and CEO of SWACHA. “It is important that consumers always take a close look at the fine print when it comes to account fees and their money so they understand their options.

“Direct Deposit via ACH has always been a fast, safe and reliable way to transfer money, but now the incentives to use it are even greater, Consumers should take note of this simple way to avoid checking fees and simplify their banking process.”

Banks have been searching for new ways to increase revenue since the Dodd-Frank Act was signed into law in July 2011, which took away an estimated $12 billion a year in revenue by cutting back overdraft charges and debit card swipe fees.

About the Survey:
SWACHA's online survey of 600 Texans was conducted in August 2011 by Decision Analyst with a confidence interval of 95 percent and a corresponding margin of error of +/- 4 percent. Only those respondents who identified themselves as the person responsible for paying household bills were permitted to complete the survey.

SWACHA-The Electronic Payments Resource®, is one of the largest not-for-profit regional payments associations in the country with approximately 1,100 members across the Southwest. SWACHA is the resource of choice for financial institutions and corporations in the areas of education, training, payments system risks and knowledge about electronic payments. For more information visit:

Web: www.swacha.org
Facebook: www.facebook.com/bringingpaymentstogether
Twitter: @SWACHA
Granado Communications Group
Chris Martin