Bank Fees Rise to Record Numbers in 2009
September 30 2009 - 7:00AM
PR Newswire (US)
New Bankrate.com Study Reveals Average Costs for ATMs and Checking
Accounts across the Country NEW YORK, Sept. 30
/PRNewswire-FirstCall/ -- A new study released by Bankrate, Inc.
shows that the costs of checking account fees have risen again this
year to an all-time high. Bankrate's 2009 Checking Study details
the average fees associated with using and maintaining an interest
bearing account, including bounced check fees, ATM surcharges, and
monthly services fees, plus tips on how to avoid them at
http://www.bankrate.com/finance/checking/2009-checking-study.aspx.
Bankrate's survey of leading banks yielded the following data: --
Bounced check fees, also called NSF fees by banks, increased 2.1
percent from last year to another record high of $29.58. Bounced
check fees have grown incrementally but consistently over the past
decade, rising 2.7 percent annually on average; -- Tiered structure
fees for overdrafts are becoming more popular with 26 percent of
banks now charging higher fees after the 2nd overdraft during a
rolling 12-month period. The average cost for the 2nd through 4th
overdrafts under the tiered fee structure is $33.88 while the
average cost for banks that have a third tier, which typically
kicks in after the 5th overdraft, came in at $36.19; -- ATM
surcharges rose 12.6 percent from last year to an average of $2.22.
Banks increasing the fee outnumbered those reducing the fee by more
than a 7-to-1 ratio. ATM surcharges have increased at a 7 percent
annual clip over the past decade; -- With interest bearing
accounts, monthly service fees hit a new high at an average of
$12.55, up nearly 5 percent from last year; -- For non-interest
bearing accounts, monthly service fees hit a new low with an
average of $1.77. Additionally, 76 percent of non-interest accounts
now qualify as no fee, no minimum balance accounts, up from 73
percent last year. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO) "Even with
government scrutiny of some bank fee policies, consumers need to
take steps to avoid fees," said Bankrate senior financial analyst
Greg McBride. "Note any fees and balance requirements of your
account, request a link between your checking and savings accounts,
and keep track of the available account balance so that your money
stays your own." Bankrate.com surveyed one interest checking
account and one non-interest checking account at of the five
largest banks and the five largest thrifts in 25 large U.S. markets
to find the latest trends on checking account and ATM fees. There
were 245 interest accounts and 228 non-interest accounts surveyed
at 248 banks and thrifts. In addition, 16 interest and 5
non-interest accounts were surveyed from a sampling of 17 online
banks. Surveys were conducted during the month of August 2009.
About Bankrate, Inc. The Bankrate network of companies includes
Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card
Services, Savingforcollege.com, Fee Disclosure, InsureMe
CreditCardGuide.com and Bankaholic. Each of these businesses helps
consumers to make informed decisions about their personal finance
matters. The company's flagship brand, Bankrate.com is a
destination site of personal finance channels, including banking,
investing, taxes, debt management and college finance. Bankrate.com
is the leading aggregator of rates and other information on more
than 300 financial products, including mortgages, credit cards, new
and used auto loans, money market accounts and CDs, checking and
ATM fees, home equity loans and online banking fees. Bankrate.com
reviews more than 4,800 financial institutions in 575 markets in 50
states. In 2008, Bankrate.com had nearly 72 million unique
visitors. Bankrate.com provides financial applications and
information to a network of more than 75 partners, including Yahoo!
(NASDAQ:YHOO), America Online (NYSE: TWX), The Wall Street Journal
and The New York Times (NYSE:NYT). Bankrate.com's information is
also distributed through more than 500 newspapers. Bankrate, Inc.
was acquired by Apax Partners, one of the world's leading private
equity investment group, in September 2009. Apax operates across
the United States, Europe and Asia and has more than 30 years of
investing experience. For more information on Apax, visit:
http://www.apax.com/. For more information contact: Chris Spagnuolo
Public Relations Manager (917) 368-8671
http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO
http://photoarchive.ap.org/ DATASOURCE: Bankrate, Inc. CONTACT:
Chris Spagnuolo, Public Relations Manager, +1-917-368-8671, Web
Site: http://www.bankrate.com/
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