Bank fees, in a recent survey, were found to have gone down substantially, as banking institutions have stated they want to get back to serving consumers. In Bizarro World! Just kidding; bank fees, including checking charges and so on were found to have increased again in a recent MoneyRate survey.
Expected bank fee increases
Whenever possible, banks will add more charges. Last year, B of A tried to charge a $5 monthly debit card fee, which ended in devastation. Banking institutions are always attempting to see what they can get away with when it comes to charging extra fees.
However, if anything, banks can be credited for consistency. Last year, bank account charges such as checking account fees and so forth went through many rounds of raises. Numerous rounds of bank fee increases have been noted already this year. A newly released survey by MoneyRate, according to Forbes, has revealed that checking charges and other bank charges, are indeed trending upward again this year.
Fees increased everywhere
MoneyRate releases the survey every six months, using data from more than 100 banks, according to CNN, including the 50 largest banks. This edition of the survey found that, among other charges which 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 fees from $29.23 to $29.83. These charges are criticized because they are really costly, which is why some people get payday loans to avoid them.
There was a 24 percent increase in the minimum balance required to stay away from account charges. It increased from $3,590.83 to $4,446.57.
Larger banks were charging more fees than smaller ones, which is to be expected. The average large bank charged $13.88 in account charges while medium and small banks saw an average of $11.87 and $9.88. Average monthly service charges increased from $11.28 to $12.08. The yearly cost averages $145, according to CNN, considering the monthly fees.
Out of network ATM fees increased 18 cents to $1.29, though regular ATM fees hardly increased also. There was a three cent increase for non-customer ATMs to $2.40.
Get free checking
Only 21 percent of big banks 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 found that 72 percent of the country's largest credit unions still offer free checking accounts. However, it was still a slight decline, as 76 percent did so last year.
Expected bank fee increases
Whenever possible, banks will add more charges. Last year, B of A tried to charge a $5 monthly debit card fee, which ended in devastation. Banking institutions are always attempting to see what they can get away with when it comes to charging extra fees.
However, if anything, banks can be credited for consistency. Last year, bank account charges such as checking account fees and so forth went through many rounds of raises. Numerous rounds of bank fee increases have been noted already this year. A newly released survey by MoneyRate, according to Forbes, has revealed that checking charges and other bank charges, are indeed trending upward again this year.
Fees increased everywhere
MoneyRate releases the survey every six months, using data from more than 100 banks, according to CNN, including the 50 largest banks. This edition of the survey found that, among other charges which 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 fees from $29.23 to $29.83. These charges are criticized because they are really costly, which is why some people get payday loans to avoid them.
There was a 24 percent increase in the minimum balance required to stay away from account charges. It increased from $3,590.83 to $4,446.57.
Larger banks were charging more fees than smaller ones, which is to be expected. The average large bank charged $13.88 in account charges while medium and small banks saw an average of $11.87 and $9.88. Average monthly service charges increased from $11.28 to $12.08. The yearly cost averages $145, according to CNN, considering the monthly fees.
Out of network ATM fees increased 18 cents to $1.29, though regular ATM fees hardly increased also. There was a three cent increase for non-customer ATMs to $2.40.
Get free checking
Only 21 percent of big banks 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 found that 72 percent of the country's largest credit unions still offer free checking accounts. However, it was still a slight decline, as 76 percent did so last year.
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