Fun with Checking Account Fees

See? He’s winking. Dead giveaway.

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?


2 thoughts on “Fun with Checking Account Fees”

  1. all i can say is that we have our gov. to thank for this .
    banks have basically been deregulated for the most part .
    they are charging for everything and anything they want .
    we have an online account with BOA that we use for online purchases.
    we do not keep much money in the account .
    we have to send deposits by mail to florida from NY or deposit them in an ATM which is free.
    if we deposit at a branch through a teller they charge $9 for the month .
    what a ripp off that is.
    its sad that we the consumers are victums to these bank fees that are stupid and just designed to take our money.
    they use your money to invest to make money and then bend you over every time thay get a chance . another ripp off its the ATM fees for withdrawing cash
    these are just a couple things that are not acceptable . oh then they have the nrve to advertise and say “we are there for you”
    hmmmm right !

  2. we have used a credit union for several years. After reading this information
    all I can say is I am HAPPY!!!

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