Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Banks fees at all-time highs says new study
NEW YORK (10/31/08)--Banks are taking it on the chin in Bankrate.com's latest fees survey, which concludes fees for ATM surcharges, checking account fees and monthly service fees are at all-time highs. Some fees have outpaced inflation, Bankrate.com told CNNMoney.com (Oct. 29). The 2008 Checking Study surveyed interest-bearing and noninterest-bearing accounts at 249 banks and thrifts in the largest 25 metro areas. The study found:
* ATM surcharges--the fee the ATM-owning bank charges to nonaccount holders--rose to $1.97, about 11% more than the $1.78 charged last year. The cost of using a foreign ATM was $1.46, up from last year's $1.25. That puts the total average cost of using an out-of-network ATM at $3.43 per transaction. Bounced-check fees rose 2.5% this year, to $28.95 per check. * In interest-bearing accounts, monthly service fees hit a new high of $11.97 on average. Minimum balance requirements also set a record with a minimum average of $3,461.84 required to keep an account at the bank open. * For noninterest-bearing accounts, the reverse was true. Monthly service fees for these accounts hit a new low--at $1.96 and their minimum balances were a low of $109.26 average balance required. * Online banks had higher average minimum requirements to open either an interest-bearing checking account or noninterest-bearing account than a brick-and-mortar bank. For interest-bearing accounts, online banks required an average $650.81, versus $376.75 at a traditional bank. For noninterest-bearing accounts, online banks required $133.33 while traditional banks required $82.71.
Credit union accounts are not included in the survey. The news comes at a time when banks are doing everything they can to make up revenue gaps from market exposures and rising credit costs stemming from lending, said Forbes.com (Oct. 27). Large banks are raising some account fees to record levels at a time when more consumers are struggling to pay bills, USA TODAY Oct. 30) noted.
Other Resources

RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
19 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
14 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
15 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
16 hours ago