Sunday, July 17, 2016

Retail bank fee update

Since the big four banks make most of their retail income from from fees, we thought we wold look closer at some common fees.  (Note: Author uses a credit union and use the on-site CU ATM)

The site lists average fees for banks.

Bank Fees

Americans pay an average of $159 dollars per year for checking or about $13.29 cents for maintenance fee. Fees have risen about 18% over the past 4 years from $135 per year.

Only 25% of banks offer free checking.

Average overdraft fees were reported at $32.38.

The fee wavier minimum balance amount was report at $6,850 dollars.

ATM Fees

Out of network ATM fees jump to $1.73 for out of network ATM access.  That's up 12 cents in the last six months.

Non customer ATM fees also increased to $2.87 up 16 cents in the last six months.

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