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 MoneyRates.com 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.