SAN FRANCISCO, CA and DURHAM, NC--(Marketwired - Feb 28, 2017) - New tool BankFeeFinder.com launches today to help consumers find how much they have paid in bank fees. The tool was created by Chime, a new type of bank account that helps members avoid fees and save money automatically, with behavioral design insights from Common Cents, a financial research lab at Duke University.
Bank Fee Finder is an important tool that helps Americans improve their financial well-being. Most people drastically underestimate how much they pay in bank fees. In a study conducted by Common Cents, most people reported paying $5 per month, on average, in fees. Yet, a 2016 study conducted by TransferWise revealed that American households spend $25 a month, or $290 a year in bank fees on average.
"Our mission at Chime is to help people to live healthy financial lives, and that starts with having a bank account that helps you avoid fees and save money," said Chime co-founder and CEO Chris Britt. "We created Bank Fee Finder to shed light on how much people are actually paying in fees so they can take steps to avoid them in the future."
Hidden bank fees are especially relevant given another Common Cents study that found 36% of households have less than $500 in savings (including retirement savings).
"Our hope is to help consumers realize how much they are paying in bank fees and, if it makes sense for them, to switch to a low or no-fee bank," said Common Cents founder, Behavioral Economics Professor and New York Times bestselling author Dan Ariely. "It's shocking that in the last year alone, banks made $33 billion from overdraft fees."
To learn more about Bank Fee Finder please visit http://www.bankfeefinder.com.
About Common Cents
The Common Cents is a financial research lab at the Center for Advanced Hindsight at Duke University that creates and tests interventions to help low-to-moderate income households increase their financial well-being. Common Cents leverages research gleaned from behavioral economics to create interventions that lead to positive financial behaviors. The lab is led by famed Behavioral Economics Professor Dan Ariely and is comprised of researchers and experts in product design, economics, psychology, public policy, advertising, business administration, and more.
To fulfill its mission, Common Cents partners with organizations, including fintech companies, credit unions, banks and nonprofits that believe their work could be improved through insights gained from behavioral economics. To learn more about Common Cents Lab visit www.commoncentslab.org.
Chime a new kind of bank account that empowers people to lead healthier financial lives, avoid fees and automate their savings. Founded by financial and tech industry veterans Chris Britt and Ryan King, Chime has created a new approach to banking that doesn't rely on fees, doesn't profit from members' misfortune or mistakes, and helps members get ahead financially. Chime members get a debit card, a Spending Account, a Savings Account, and a powerful app that keeps members in control. The Chime app is available for iPhone and Android devices and has been featured as one of the best new Money Management apps on the App Store. To learn more about Chime visit www.chimebank.com.