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الجمعة، 19 سبتمبر 2014
The country's banks are doing something incredible, in that they are really going to cut back bank fees. Just joking; they are not going to do that, as the recent bi-annual survey by MoneyRate found checking charges and other bank fees are increasing.
Anticipated bank fee increases
Banks have been adding increasingly more fees to try and see what they can get away with without losing consumers. Evidently they hit their threshold last year with the $5 debit card charges mistake Bank of American made last year. Banking institutions will always make an effort to add additional charges.
There have been several rounds of bank fee increases noted already this year, and checking fees and bank fees are anticipated, as shown by a MoneyRate survey, to go upward a lot over the course of the year, according to Forbes. Banks are at least being constant in the increases in charges.
Categories of increased charges
The MoneyRate survey showed that average opening balances increased from $391.41 to $408.76, according to Forbes. There were other fee increases seen in the survey, which is released every six months. The survey looks at over 100 banking institutions worth of data including the 50 largest banking institutions, according to CNN.
To be able to stay away from overdraft charges, some people get payday loans. That shows just how costly they are. The average overdraft increased to $29.83 from $29.23.
The largest increase was in the minimum balance required to avoid account charges, which shot up more than $850 to $4,446.57, a 24 percent increase from the previous survey, when it was $3,590.83.
Monthly service charges increased to $12.08, up from $11.28 in 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 banking institutions charged an average $13.88 in account fees. Medium banks and small banking institutions charged an average $11.87 and $9.88, respectively.
The cost of using an ATM hardly changed unless it is for out-of-network ATMs, in which case it increased to $1.29, an 18 cent increase. There was also an increase to $2.40 for the average non-customer ATM fee. That is a three percent increase.
Find the very best free checking
Last year, 39 percent of banking institutions offered free checking. Now you can only get it at 35 percent of banks. That involves 46 percent of small banking institutions and 21 percent of big banking institutions.
Credit unions are the best option for getting accounts with no checking charges still. About 76 percent of credit unions in a Bankrate survey offered free checking, which has now dropped to 72 percent of the nation's largest credit unions, according to the Chicago Tribune. That is still much better than banks.
Anticipated bank fee increases
Banks have been adding increasingly more fees to try and see what they can get away with without losing consumers. Evidently they hit their threshold last year with the $5 debit card charges mistake Bank of American made last year. Banking institutions will always make an effort to add additional charges.
There have been several rounds of bank fee increases noted already this year, and checking fees and bank fees are anticipated, as shown by a MoneyRate survey, to go upward a lot over the course of the year, according to Forbes. Banks are at least being constant in the increases in charges.
Categories of increased charges
The MoneyRate survey showed that average opening balances increased from $391.41 to $408.76, according to Forbes. There were other fee increases seen in the survey, which is released every six months. The survey looks at over 100 banking institutions worth of data including the 50 largest banking institutions, according to CNN.
To be able to stay away from overdraft charges, some people get payday loans. That shows just how costly they are. The average overdraft increased to $29.83 from $29.23.
The largest increase was in the minimum balance required to avoid account charges, which shot up more than $850 to $4,446.57, a 24 percent increase from the previous survey, when it was $3,590.83.
Monthly service charges increased to $12.08, up from $11.28 in 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 banking institutions charged an average $13.88 in account fees. Medium banks and small banking institutions charged an average $11.87 and $9.88, respectively.
The cost of using an ATM hardly changed unless it is for out-of-network ATMs, in which case it increased to $1.29, an 18 cent increase. There was also an increase to $2.40 for the average non-customer ATM fee. That is a three percent increase.
Find the very best free checking
Last year, 39 percent of banking institutions offered free checking. Now you can only get it at 35 percent of banks. That involves 46 percent of small banking institutions and 21 percent of big banking institutions.
Credit unions are the best option for getting accounts with no checking charges still. About 76 percent of credit unions in a Bankrate survey offered free checking, which has now dropped to 72 percent of the nation's largest credit unions, according to the Chicago Tribune. That is still much better than banks.
About the Author:
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