FOSTER CITY, Calif.,
Feb. 24, 2021 /PRNewswire/ -- In
the midst of a recession, new analysis from MoneyRates.com finds
bank customers are getting some good news. While monthly
maintenance, overdraft and ATM fees have been trending upward in
recent years, the rate comparison site finds these fees declining
across the board over the past six months. Better yet, the analysis
reveals ways consumers can avoid checking account fees
altogether.
Checking account fees are reviewed semiannually with the newest
research, Checking Account and ATM Fees: How to Save Money, showing
the average monthly maintenance fee on checking accounts is down
44 cents since August, now
$13.95.
- Even with the drop in monthly maintenance fees, the average
still adds up to $167.40 per
year
- The number of checking accounts that don't charge a
monthly maintenance fee is up 1.41% to 37.06%
-
- Online checking accounts are more than twice as likely to have
no monthly maintenance fee and tend to have lower overdraft and ATM
fees
- Average overdraft fees dropped by $1.29 over the last six months, to $30.82
- The average charge for customers who use an ATM outside of
their bank's network dropped 8 cents,
to $4.55
-
- This includes both the average fee banks charge their customers
for out-of-network transactions and the average fee ATM operators
charge non-customers
"Any break on bank fees is welcome news, especially to people
struggling financially due to the pandemic and recession," says
Richard Barrington, Senior Financial
Analyst for MoneyRates. "Monthly maintenance fees are the most
important fee to look at when choosing a checking account, because
they will be charged no matter how you use the account."
While the decrease in fees is a welcome development during
economic turmoil, consumers can avoid fees altogether. The
MoneyRates research finds opening an online account, as opposed to
a traditional, branch-based account, is the best way to avoid
checking account fees.
"Any decline in fees is good," notes Barrington "but the real
win is avoiding checking account fees completely. The average
maintenance fee alone will cost $167.40 per year, and overdraft and ATM fees can
add hundreds to that total, depending on how consumers use their
accounts."
Barrington suggests consumers keep closer track of their bank
balances to avoid overdraft fees. "Overdrafts can easily turn a few
small purchases into an expense of over $100." He says ATM fees can also be avoided.
"Choose a bank with an extensive ATM network, and make sure that
network is a good match with places you visit regularly."
Barrington is available to talk in depth about the analysis and
can explain how consumers can find accounts with no overdraft
fees. He has more than 30 years of experience in the financial
industry and is an expert on numerous personal finance
topics.
Methodology
The MoneyRates Checking Account Fee Survey
looks at over 300 checking accounts offered by the 100 banks in the
MoneyRates Index. The MoneyRates Index is designed to be a
representative sample of the retail banking industry. In includes
the 50 largest retail deposit banks in the United States, plus 25 medium-sized banks
and 25 small banks. The survey has been conducted every six months
since 2010.
MoneyRates defines large banks as those with at least
$15 billion in deposits. It defines
medium-sized banks as those with between $5 and $15 billion
in deposits, and small banks as those with up to $5 billion.
About MoneyRates
MoneyRates is owned and operated by
QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance
marketplace technologies and services to the financial services and
home services industries. QuinStreet is a pioneer in delivering
online marketplace solutions to match searchers with brands in
digital media. The company is committed to providing consumers with
the information and tools they need to research, find and select
the products and brands that meet their needs. MoneyRates is a
member of QuinStreet's expert Research and Publishing
Division.
Since 1998, MoneyRates has served as a personal finance resource
designed to help readers make the most of their money. In addition
to a variety of financial calculators, MoneyRates researches and
tracks CD, savings, and money market rates offered from over 400
financial institutions across the country to offer expert advice on
banking, investing and retirement planning.
Twitter: @MoneyRates
Facebook: https://www.facebook.com/MoneyRatesdotcom
Media contact
Amy
Eury
Public Relations Manager
aeury@quinstreet.com
Direct +1.412.532.9352
LinkedIn
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SOURCE MoneyRates.com