Fees Justin Jones Rush Jersey , Unsurprisingly, Are Going Up October 26, 2013 | Author: Cornelius Nunev | Posted in Business
Bank fees, in a recent survey, were found to have gone down considerably, as banking institutions have stated they want to get back to serving consumers. In Bizarro World! Just joking; bank charges Rayshawn Jenkins Rush Jersey , such as checking fees and so forth were found to have gone up again in a recent MoneyRate survey.
Checking charges and other bank charges going up a fact of life
Whenever possible, banks will add more fees. Last year, Bank of America tried to charge a $5 monthly debit card fee, which ended in devastation. Banks are always attempting to see what they can get away with on the subject of charging additional fees.
There have been several rounds of bank fee increases noted already this year, and checking charges and bank charges are expected, as shown by a MoneyRate survey Dan Feeney Rush Jersey , to go upward a lot over the course of the year, according to Forbes. Banks are at least being regular in the increases in fees.
Overdraft fees higher
MoneyRate releases the survey every few months, using data from more than 100 banks, according to CNN, including the 50 largest banking institutions. This edition of the survey found that, among other charges that were elevated Forrest Lamp Rush Jersey , the minimum opening balance reached an average of $408.76, according to Forbes, up from $391.41 in the previous survey.
There was an increase in overdraft fees from $29.23 to $29.83. These charges are criticized because they are really expensive, which is why a lot of people get payday loans to stay away from them.
There was a rise from $3,590.83 to $4,446.57 in the minimum account balance required to avoid charges. That is a 24 percent increase Mike Williams Rush Jersey , and it was the biggest increase.
Considering monthly service charges increased from $11.28 to $12.08, the average amount paid for an account per year was $145, CNN pointed out. Medium banks averaged $11.87 service charges while small banking institutions had $9.88 service charges. Average large banks charged $13.88 in account charges. It is obvious that larger banking institutions charge much more than smaller banking institutions do.
ATM fees barely increased, as non-customer ATM use