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Checking Accounts Now Average $150 a Year in Fees
Thursday, February 27, 2014 6:55 AM

No-fee checking accounts are becoming harder to find, especially at the nation’s larger banks, according to new research by MoneyRates.com.

According to MoneyRates.com Bank Fees Survey, the percentage of checking accounts that charge no monthly maintenance fee - otherwise known as no-fee checking accounts - fell to 29 percent, an all-time survey low.

Also, checking account fees of every type, including monthly maintenance, overdraft and ATM charges, increased during the last six months of 2013.

Large banks with more than $20 billion in deposits had higher fees than their small and medium-sized counterparts in a number of categories, including average monthly maintenance fees and ATM fees, and only 20 percent of big-bank checking accounts are free of monthly fees, the survey said.

In the last half of 2013, the average monthly maintenance fee rose by 11 cents to $12.54, which would add up to $150.48 over the course of a year, according to MoneyRates.com.

 

(Source: MoneyRates.Com, 26 February 2014)