There was a 5 percent rise in the fees for using Out-of-network ATMS. However, as per the latest survey on checking account by personal finance website, Bankrate.com, there has been a 23 percent rise in the past 5 years. A record high of $32.74 was seen by the average overdraft fee.
10 banks and thrifts were surveyed by Bankrate in 25 large U.S markets and these also included savings banks and savings and loan associations. Overall, Bankrate surveyed 238 non-interest and 242 interest accounts. The highest overdraft fees were seen in Milwaukee, Phoenix and Philadelphia and the lowest were seen in San Diego, Los Angeles and San Francisco.
Since the year 2010, financial institutions had a rule of financial institutions getting the consent of customers before making changes in the overdraft fees. However, overdraft fees still represent over 60 percent of the fees from consumer checking accounts.
Bad news that although 38 percent of non-interest checking accounts are free of cost, there is no change in the percentage from last year. He adds that “This halts a four-year streak of declines from the peak of 76% in 2009,” says Greg McBride, chief financial analyst at Bankrate.com. ATM fees and overdraft fees have shown the most consistent increases over time,”
If several requirements like maintaining a minimum balance, direct deposit etc. are met, such fees can be avoided by customers.
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