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Checking Fees Going Up Again

By Cornelius Nunev

Bank fees, in a recent survey, were found to have decreased considerably, as banking institutions have stated they would like to get back to serving customers. In Bizarro World! Just joking; bank fees, including checking fees and so forth were found to have increased again in a recent MoneyRate survey.

Checking fees and other bank charges going up a fact of life

Whenever possible, banking institutions will add more fees. Last year, Bank of America tried to charge a $5 monthly debit card fee, which ended in devastation. Banks are always attempting to see what they can get away with when it comes to charging additional charges.

Bank fees are always increasing, so at least they are consistent. Forbes explained that there was a MoneyRate.com survey just released that showed large increases in checking fees and other bank fees this year. There have already been numerous rounds of increases for the year, and apparently they will continue.

Categories of increased charges

MoneyRate releases the survey every six months, using data from more than 100 banking institutions, according to CNN, including the 50 largest banks. This edition of the survey found that, among other charges that were elevated, the minimum opening balance reached an average of $408.76, according to Forbes, up from $391.41 in the previous survey.

There was an increase in overdraft charges from $29.23 to $29.83. These charges are criticized because they are really expensive, which is why a lot of people get payday loans to stay away from them.

The largest increase was in the minimum balance required to avoid account charges, 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 banking institutions averaged $11.87 service charges while small banks had $9.88 service charges. Average large banks charged $13.88 in account fees. It is obvious that larger banking institutions charge much more than smaller banking institutions do.

Out of network ATM charges increased 18 cents to $1.29, though regular ATM charges hardly increased also. There was a three cent increase for non-customer ATMs to $2.40.

Get free checking

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 banking institutions total offer free checking, which is a decrease from 39 percent last year.

In regards to accounts with no checking fees, the kings of free checking are still credit unions. According to the Chicago Tribune, a recent survey by Bankrate.com found that 72 percent of the nation’s largest credit unions still offer free checking accounts. However, it was still a slight drop, as 76 percent did so last year.

How often have you needed addiitional information on where can i get a payday loan, and resorted to an internet search on “bad credit personal loans?” Look no further, all the information you’ll need is at MatchFinacial.com.

Article kindly provided by UberArticles.com

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Article Citation
MLA Style Citation:
Nunev, Cornelius "Checking Fees Going Up Again." Checking Fees Going Up Again. 12 Apr. 2014. uberarticles.com. 20 Aug 2014 <http://uberarticles.com/business/checking-fees-going-up-again/>.

APA Style Citation:
Nunev, C (2014, April 12). Checking Fees Going Up Again. Retrieved August 20, 2014, from http://uberarticles.com/business/checking-fees-going-up-again/

Chicago Style Citation:
Nunev, Cornelius "Checking Fees Going Up Again" uberarticles.com. http://uberarticles.com/business/checking-fees-going-up-again/


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