Bank Fees Are On the Rise
Many banks are substantially increasing their checking account fees. Is your bank one of them?
The recent increase in fees is the banking industry's response to recent regulations limiting consumer overdraft fees and to new rules capping the cost of debit card swipe fees for U.S. retailers, says Eben Jose, an industry research analyst with IBIS World, on Bankrate.
In a recent Bankrate poll, 72 percent of Americans said they would consider switching banks if their financial institution raised its fees on checking accounts.
Only 39 percent of banks offered a checking account with no minimum balance requirement and no monthly fee, in Bankrate's survey.
Patch compared the fees and balance requirements for a basic checking account at several Philadelphia area banks.
|Bank Name||Minimum Balance||Monthly Fee||Fee Per Check||Interest Rate Earned|
|Bank of America||$1500||$12||N/A||N/A|
|National Penn Bank||$5000||$5.95||N/A||N/A|
|Bryn Mawr Trust||$2000||N/A||N/A||.05%|
Comparing Checking Accounts
The information above was compiled from the basic checking accounts offered at each bank. Most banks offer a variety of checking account options. Several of the banks above waive the monthly fee if you maintain the required monthly minimum balance.
Many banks offer a free online checking account option to customers who do their banking online or with a mobile device and receive electronic statements.
Has your bank increased its checking account fees? Would you change banks to lower your banking fees? Let Patch know your thoughts in the comments.