Are You Paying for Checking?

More than half of bank customers pay nothing to maintain their accounts. A survey by the American Bankers Association (ABA) found that 53% of bank customers pay no monthly fees and 14% spend $3 or less for fees for services such as access to ATMs or checking account maintenance. The survey also found that 9% pay $4 to $6 a month, 5% pay $7 to $9, and 14% pay $10 or more.

“Bank customers today are getting one of the best deals around - checking and savings accounts for minimal or no cost. And these survey results show consumers are getting better than ever at managing their finances to keep service fees low,” according to Nessa Feddis, ABA vice president, senior federal counsel and retail banking expert.

Although many bank customers can find checking accounts without monthly maintenance fees, they are being hit in their pocket from other services. Overdraft fees at many banks have continued to rise, and some customers pay as much as $35 per overdraft. However, consumers can take more control over fees charged by banks by opting out of overdraft services or even switching accounts. Make sure you shop around to find the best checking accounts available!