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
Bankrate Checking Survey: Fees At Record High
MADISON, Wis. (10/9/13)--Checking fees at banks are at a record high, according to Bankrate's 2013 Checking Survey, further evidence that credit unions, with their emphasis on lower fees, remain the smarter choice for fee-conscious consumers.
 
ATM fees, overdraft fees and monthly maintenance fees were also at record highs, according to the survey. But after years of steep declines, the share of checking accounts considered free may be stabilizing, said Bankrate.
 
Between 2009 and 2012, free checking declined to 39% of checking accounts from 76%. This year, 38% of checking accounts offered by major banks are free, down 1 percentage point from last year's study.
 
The percentage of banks offering free checking also dropped in the first half of the year, according to the MoneyRates.com Bank Fees Survey (News Now Aug. 20). Less than 30.31% of banks surveyed had no monthly maintenance fee--the lowest percentage since 2009. That figure is a drop from 36.6% recorded at the end of 2012.  In 2011, roughly 34.7% reported charging no fees--the lowest percentage until now.
 
Those who do pay monthly fees are paying more than ever, according to Bankrate's survey. The average fee on a checking account rose from $5.48 to $5.54 per month.
 
ATM fees also hit an all-time high said Bankrate. Banks now charge noncustomers an average of $2.60 to use their ATMs, up from $2.50 last year.
 
There's another way to avoid fees, said Karin Bonding, a lecturer in personal finance at the University of Virginia's McIntire School of Commerce. Shop around.
 
"You don't have to go to a bank, there are other options," Bonding said. Instead, she suggested checking out a credit union or online financial services provider.
 
According to Bankrate.com's  2013 Credit Union Checking Survey, released in March, 72% of America's 50 largest credit unions offer free checking (News Now March 21).


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
1 Day ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
14 hours ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
15 hours ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
16 hours ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
16 hours ago