Checking account fees have reached an all time high in the
past year. A new survey published by Bankrate.com shows that only 39% of major
banks in the U.S. offer checking accounts with no fees, that’s down from 45% in
2011. Many of these banks will ‘waive’ the fees if you have a minimum balance,
in some cases the minimum balance can be thousands of dollars.
Here are the key findings from the Bankrate 2012 Checking Survey:
- The average monthly maintenance fee for a non-interest checking account is now at a record high of $5.48. That’s a 25 percent jump from last year.
- Overdraft fees are also at a record high. The average NSF or nonsufficient funds fee is $31.26, up from $30.83 last year.
- The cost to get cash from an out-of-network ATM is up dramatically. Expect to pay an average fee of $2.50 to the owner of the ATM, a new record and up 4 percent from last year. Plus your bank will charge you another $1.57 on average, an increase of 11 percent.
And while it may seem like free checking accounts are a
thing of the past, many credit unions still offer free or low fee checking
accounts. More than 70 percent of large
credit unions still offer free checking according to another survey published
earlier this year by Bankrate. 95% of
Maine’s Credit Unions offer free checking accounts, and 90% offer free checking
accounts with no minimum balance! Look for a credit union near you and see
how you can eliminate account fees. And
if you are in the 18-25 crowd try a free4ME checking account, a fee free account
that has all the perks you want and need!
