Watch Out: Checking Account Costs Rising

Watch Out: Checking Account Costs Rising

It would be so great to read a report about how the costs of financial necessities are going down.

Unfortunately, this isn't it.

The Huffington Post reports that bank costs across the board--ATM withdrawals, monthly account maintenance, minimum balance, overdraft fees and even the cost of opening an account--have risen in the last six months.

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A survey from MoneyRates.com found that in only half a year:

  • Average checking account maintenance fees rose nearly a dollar, from $11.28 to $12.08.
  • The minimum balance (which is the amount of money required in an account to avoid paying a maintenance fee) rose nearly $1,000, from $3,591 to $4,447. Doesn't sound too bad? As The Huffington Post says, it's "akin to an $850 fee increase."
  • The average deposit needed to open account rose nearly $20, from $392 to $409.
  • Average overdraft fees rose 60 cents, from $29.23 to $29.83.

These results were taken from a survey of 100 banks, so we can't exactly pinpoint which are or aren't the worst offenders.

But if you're worried your bank isn't right for you, take our quiz to find out whether you should switch. If you're already unhappy, then use our checklist make your switch to a better bank as easy and painless as possible.

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