The document discusses a survey finding that bank fees such as checking charges and overdraft fees are increasing. The MoneyRate bi-annual survey found that the average minimum balance required to avoid account fees increased over 24% compared to the previous survey. Larger banks on average charge more in account fees than smaller banks. The best options for free checking accounts are credit unions, with 72% of large credit unions offering free checking.
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Checking Fees, Unsurprisingly, Are Going Up
1. The country's banking institutions are doing something
unbelievable, in that they are really going to reduce
bank fees. Just kidding; they are not going to do that, as
the recent bi-annual survey by MoneyRate found
checking charges and other bank fees are going up. The
country's banking institutions are doing something
unbelievable, in that they are really going to reduce
bank fees. Just kidding; they are not going to do that, as
the recent bi-annual survey by MoneyRate found
checking charges and other bank fees are going up. The
country's banking institutions are doing something
unbelievable, in that they are really going to reduce
bank fees. Just kidding; they are not going to do that, as
2. the recent bi-annual survey by MoneyRate found
checking charges and other bank fees are going up. The
country's banking institutions are doing something
unbelievable, in that they are really going to reduce
bank fees. Just kidding; they are not going to do that, as
the recent bi-annual survey by MoneyRate found
checking charges and other bank fees are going up. The
country's banking institutions are doing something
unbelievable, in that they are really going to reduce
bank fees. Just kidding; they are not going to do that, as
the recent bi-annual survey by MoneyRate found
checking charges and other bank fees are going up. The
country's banking institutions are doing something
unbelievable,
3. in that they are really going to reduce bank fees. Just
kidding; they are not going to do that, as the recent biannual survey by MoneyRate found checking charges
and other bank fees are going up.The country's banking
institutions are doing something unbelievable, in that
they are really going to reduce bank fees. Just kidding;
they are not going to do that, as the recent bi-annual
survey by MoneyRate found checking charges and other
bank fees are going up. The country's banking
institutions are doing something unbelievable, in that
they are really going to reduce bank fees. Just kidding;
they are not going to do that, as the recent bi-annual
survey by MoneyRate found checking charges and
4. other bank fees are going up. The country's banking
institutions are doing something unbelievable, in that
they are really going to reduce bank fees. Just kidding;
they are not going to do that, as the recent bi-annual
survey by MoneyRate found checking charges and other
bank fees are going up.
8. Whenever possible, banking institutions will add more
charges. Last year, Bank of America tried to charge a $5
monthly debit card fee, which ended in catastrophe.
Banking institutions are always trying to see what they
can get away with on the subject of charging extra fees.
9.
10. However, if anything, banks could be credited for
consistency. Last year, bank account charges such as
checking account charges and so forth went through
numerous rounds of raises. Numerous rounds of bank
fee increases have been noted already this year. A newly
released survey by MoneyRate, according to Forbes, has
revealed that checking fees and other bank charges, are
indeed trending upward again this year.
14. The MoneyRate survey showed that average opening
balances increased from $391.41 to $408.76, according
to Forbes. There were other fee increases seen in the
survey, which is released every few months. The survey
looks at over 100 banking institutions worth of data such
as the 50 largest banking institutions, according to CNN.
15.
16. There was an increase in overdraft fees from $29.23 to
$29.83. These charges are criticized because they are
really costly, which is why a lot of people get payday
loans to avoid them.
17.
18. The largest increase was in the minimum balance
required to avoid account fees, which shot up more than
$850 to $4,446.57, a 24 percent increase from the
previous survey, when it was $3,590.83.
19.
20. Considering monthly service fees increased from $11.28
to $12.08, the average amount paid for an account per
year was $145, CNN pointed out. Medium banking
institutions averaged $11.87 service fees while small
banks had $9.88 service fees. Average large banks
charged $13.88 in account fees. It is obvious that larger
banking institutions charge much more than smaller
banks do.
21.
22. Out of network ATM charges increased 18 cents to
$1.29, though regular ATM fees hardly increased also.
There was a three cent increase for non-customer ATMs
to $2.40.
26. Only 21 percent of big banking institutions offer free
checking right now, and 46 percent of small banks offer
it too. Only 35 percent of banks total offer free checking,
which is a decrease from 39 percent last year.
27.
28. There are 72 percent of the largest credit unions in the
country that offer free checking accounts, a recent
Bankrate survey showed, according to the Chicago
Tribune. That is a slight drop from last year's 76 percent,
but it is still the best choice in case you are looking for
free checking.
