Financially strapped consumers certainly aren’t catching a break from their banks when it comes to the ever-escalating fees and minimum balance requirements for checking accounts and fees and surcharges for ATMs.
There are far safer havens for savvy customers, and if you can live with a free checking account, which generally means no interest, you’ll do your finances a favor.
Here’s what Bankrate found in its 2008 checking study:
-Bounced Check Fees hit New High Again
-ATM Surcharge and fees continue climbing
-Interest Accounts Require High Minimums
-Online Banking Can Be Pricey
Methodology: Bankrate.com surveyed one interest checking account and one non-interest checking account at each of the largest banks and thrifts in each of 25 large markets to find the latest trends on checking account and ATM fees. There were 247 interest accounts and 226 non-interest accounts surveyed at 249 banks and thrifts in the top 25 metropolitan areas.
Cash Advance and Payday Loans pricing remains flat amongst the non traditional segment. However, as banks and credit unions begin to offer these products, they are increasing their pricing as they find the right pricing point for their customers.
Bankrate.com also looked at 22 checking accounts at 18 institutions offering online accounts and compared them to their brick-and-mortar counterparts.
