Check out these dismal numbers!
- 39: the % of free, non-interest checking accounts. Was 76% in 2009.
- 25: the % our service fees have risen since 2011, a new record (yay!)
- 23: the % your minimum balance to avoid fees has increased since 2011.
- 35: the average $$ of overdraft penalties. Up 1.4% from 2011
Why are all these fees on the rise? Many blame regulatory changes, such as restrictions on when banks can charge overdraft fees and fees charged on swiping cards.
“They are resorting to eliminating free checking accounts and instituting higher fees to help fill that gap,” he said. “If you ran a fast-food restaurant and the government told you that you can’t raise the price of a hamburger, you’d raise the price of soda and fries.” The Ledger
What can you do? Well, this article is full of useful tips, and you should definitely check it out. But some quick tips include searching out a smaller local bank or credit union, which generally have lower fees. Also, actually reading your statements. They REALLY count on you NOT doing that. Like, your free checking account that suddenly is no longer free and you wonder why? It was in your statement!
So, read the article. It’s worth your time. And tell us… are your fees rising? What have you done about it?