Increasing Bank Fees

Author: BankFeeInsider.com     Monday, December 30, 2013 12:00 AM

Despite Federal legislation to help keep bank fees in check, fees for things like overdrawing your account and stopping payment on a check as well as the general account monthly service fee for a checking account, continue to rise. So do the minimum amounts required to open a checking account. According to a study quoted by "Forbes" magazine, all 50 of the largest banks in the United States raised their fees in 2012. According to "Time" magazine, bank fees are nearer record highs with no end in sight. "Time" found that online banks averaged the lowest monthly fees, with small local banks being the next best choice.

Avoiding fees

Some U.S. banks waive some of their service fees for customers with larger balances, usually a minimum of $1,500 or with multiple accounts at the bank. Other banks waive the service fee for customers who have their paychecks deposited via direct deposit, although some institutions, like Fifth Third Bank, are merely reducing the service fee for such customers, not waiving it completely. According to the "Time" magazine article, only 22 percent of accounts America's big banks had no associated service fee.

New Bank Fees

Service charges and overdraft fees aren't the other things banks are charging customers for. Increasingly, America's banks are charging fees for things like using the bank's online bill paying system, access your credit score or getting priority service when you telephone the bank's offices. It's a fair assumption that bank fees are here to stay, in one form or another.

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Source: BFI