Credit, Personal Finance 

Bankrate Survey on Checking Fees

Email  Print Print  

The latest from Bankrate’s study of 248 banks, 462 types of accounts, in 25 of the largest markets showed that while checking account interest rates are still low, the fees banks are charging have gone up. The average bounced check fee was $27.05 (up from $26.90), the average ATM charge for non-account holders was $1.60 (up from $1.32), and the minimum balance requirements on most checking accounts was $2,465.

Bouncing Rubber Checks
A lot of banks are now using tiered structures where you’re charged an ever increasing fee per bounced checked. Apparently at Wachovia, the first will cost you $25, then $30 for numbers 2-4, then $35 for each one after that – all in a 12 month period.

Interest Rates = Suck
What’s there to say? The interest rates on checking accounts are absolutely terrible… that’s why there are no fees with a lot of them. If the average minimum balance requirement is $2,465 then you’re giving up $98.60 a year in lost interest (4%) to have that checking account. Anyway you cut it, that’s a fee.

ATM Fees
In our society of instant gratification, the ATM is king and getting those extra bucks will cost you more this year. You hear a lot of banks saying they won’t charge you for using another bank’s ATM, which is great, except that bank will still charge you for using their ATM!

Don’t kid yourself, banks will get their money somehow, whether it’s withholding interest or actually charging you a fee, they have been at this game long enough to know how to best market the separation of you and your money. The best thing you can do is not let them take more than their fair share. 🙂

via Bankrate.

{ 1 comments, please add your thoughts now! }

Related Posts

RSS Subscribe Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.

One Response to “Bankrate Survey on Checking Fees”

  1. Debt Hater says:

    You are so right about the banks! Once I truly realized that they did what was best for them and not me, it made me jump hard onto my personal finance education/liberation track!

Please Leave a Reply
Bargaineering Comment Policy

Previous Article: «
Next Article: »
Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2016 by All rights reserved.