MoneyRate.com releases a survey about every few months about checking charges and other bank charges and so forth. Give credit where it's due, banking institutions are regular, in that the charges are increasing again. Resource for this article: visit today each of our blog
Increasing bank charges anticipated
Banking institutions have been adding more and more fees to try and see what they can get away with without losing consumers. Apparently they hit their threshold last year with the $5 debit card charges mistake Bank of American made last year. Banks will always make an effort to add extra fees.
Bank charges 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 charges and other bank charges this year. There have already been many rounds of increases for the year, and evidently they will continue.
Bigger charges for overdraft
MoneyRate releases the survey every six months, using data from more than 100 banking institutions, according to CNN, such as the 50 largest banking institutions. This edition of the survey found that, among other fees which were raised, the minimum opening balance reached an average of $408.76, according to Forbes, up from $391.41 in the previous survey.
Overdraft charges, which many people keep away from by getting payday loans
and are often a topic of frequent criticism of banking institutions, increased slightly from $29.23 to $29.83.
There was a 24 percent increase in the minimum balance required to keep away from account fees. It increased from $3,590.83 to $4,446.57.
Monthly service fees increased to $12.08, up from $11.28 during the last survey, meaning an annual cost in account maintenance charges of $145, according to CNN. The split across bank size, naturally, revealed larger banks charged the most in charges. Large banks charged an average $13.88 in account fees. Medium banks and small banks charged an average $11.87 and $9.88, respectively.
Out of network ATM charges 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.
Credit unions are the best choice for getting accounts with no checking charges still. About 76 percent of credit unions in a Bankrate.com survey offered free checking, which has now dropped to 72 percent of the nationís largest credit unions, according to the Chicago Tribune. That is still much better than banks.