Not Surprisingly, Checking Fees Going Up Again
Bank charges, in a recent survey, were found to have decreased substantially, as banks have stated they would like to get back to serving consumers. In Bizarro World! Just joking; bank charges, including checking charges and so forth were found to have increased again in a recent MoneyRate survey.
Always expecting more bank fees
For the past few years, the nation's banking institutions have seemed to have been engaging in brinksmanship with their customers, seeing how many fees they can pile on before they leave, en masse. A few finally did last year, after that whole B of A $5 monthly debit card fee ordeal.
Bank charges are always increasing, so at least they are consistent. Forbes explained that there was a MoneyRate survey just released that showed massive increases in checking charges and other bank charges this year. There have already been several rounds of increases for the year, and apparently they will continue.
Overdraft charges higher
MoneyRate releases the survey every few months, using data from more than 100 banking institutions, according to CNN, such as the 50 largest banks. This edition of the survey found that, among other charges that were raised, the minimum opening balance reached an average of $408.76, according to Forbes, up from $391.41 in the previous survey.
In order to avoid overdraft charges, many people get payday loans. That shows just how expensive they are. The average overdraft increased to $29.83 from $29.23.
The largest increase was in the minimum balance required to stay away from 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.
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 banks averaged $11.87 service charges while small banking institutions had $9.88 service charges. Average large banking institutions charged $13.88 in account charges. It is obvious that larger banks charge much more than smaller banking institutions do.
Out of network ATM fees increased 18 cents to $1.29, though regular ATM charges hardly increased as well. There was a three cent increase for non-customer ATMs to $2.40.
Best option credit unions for free checking
Overall, free checking is available at 35 percent of banking institutions in the survey, compared to 39 percent last year. Again, it split by bank size, as only 21 percent of big banking institutions offer free checking, compared to 46 percent of small banking institutions.
There are 72 percent of the largest credit unions in the nation 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 very best option in case you are looking for free checking.
Always expecting more bank fees
For the past few years, the nation's banking institutions have seemed to have been engaging in brinksmanship with their customers, seeing how many fees they can pile on before they leave, en masse. A few finally did last year, after that whole B of A $5 monthly debit card fee ordeal.
Bank charges are always increasing, so at least they are consistent. Forbes explained that there was a MoneyRate survey just released that showed massive increases in checking charges and other bank charges this year. There have already been several rounds of increases for the year, and apparently they will continue.
Overdraft charges higher
MoneyRate releases the survey every few months, using data from more than 100 banking institutions, according to CNN, such as the 50 largest banks. This edition of the survey found that, among other charges that were raised, the minimum opening balance reached an average of $408.76, according to Forbes, up from $391.41 in the previous survey.
In order to avoid overdraft charges, many people get payday loans. That shows just how expensive they are. The average overdraft increased to $29.83 from $29.23.
The largest increase was in the minimum balance required to stay away from 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.
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 banks averaged $11.87 service charges while small banking institutions had $9.88 service charges. Average large banking institutions charged $13.88 in account charges. It is obvious that larger banks charge much more than smaller banking institutions do.
Out of network ATM fees increased 18 cents to $1.29, though regular ATM charges hardly increased as well. There was a three cent increase for non-customer ATMs to $2.40.
Best option credit unions for free checking
Overall, free checking is available at 35 percent of banking institutions in the survey, compared to 39 percent last year. Again, it split by bank size, as only 21 percent of big banking institutions offer free checking, compared to 46 percent of small banking institutions.
There are 72 percent of the largest credit unions in the nation 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 very best option in case you are looking for free checking.
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