Checking survey: ATM fees hit a record high
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But even here, there is more than meets the eye.

What Bankrate.com surveys is the fee charged by a bank for the first check returned as unpaid. But more banks are adopting a tiered fee structure on bounced checks.

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While the fee for the first bounced check did indeed decline, on average, what accountholders will increasingly find is that the fee quickly steps up to a higher level if additional checks bounce or the account remains overdrawn into subsequent days.

In other words, the lower fee only truly benefits the customer who happens to have a one-time, never-to-occur-again, slip-up.

The reality for most households that overdraw their checking accounts is that the account will remain overdrawn for a few days until additional funds can be deposited and that more than one payment will be returned unpaid in that period of time.

Interest checking? No thanks
Interest rates are rising, but you probably can't tell just by watching your checking account. The average yield on an interest checking account is 0.31 percent, up only slightly from the record low of 0.27 percent two years ago. Even though interest rates are at the highest levels in more than four years, yields on interest checking accounts remain a fraction of what they were in 2001 when the average was 0.79 percent. At the time, that was an unheard of low.

The average minimum balance required to avoid fees is, by itself, justification to turn and run away from an interest-bearing account. The average balance requirement is an onerous $2,294, just $1 lower than the average in the prior study, and the sixth consecutive time the average has exceeded $2,000. Why are interest checking accounts a waste of time? Look at these numbers. Maintaining a balance of $2,294 at the lowly yield of 0.31 percent would generate just $7.11 in interest over the course of one year.

What happens if you don't maintain the required balance? Buckle your seatbelt, because the monthly service fee on an interest checking account can knock you back an average of $10.81 per month. Put another way, if you slip below that required balance just once, the fee for that month will erase 18 months' worth of interest earnings! Considering that the interest income is taxable but the fee charge isn't deductible, it would take someone in the 25-percent tax bracket two years to make up the cost of one fee, on a net basis.

Plugging the hole in the bucket
Now that you know how much of your hard-earned money is being devoured by ATM fees, bounced-check fees and monthly fees on interest checking accounts, it is time for some solutions.

Bankrate.com estimates that American consumers will pay more than $4.3 billion in withdrawal fees for using other bank's ATMs. That is just for actual withdrawals and doesn't include other ATM fees for things like balance inquiries or denied withdrawals. Here are the steps you need to take to avoid contributing to that multibillion dollar tally.

You can begin my managing your ATM withdrawals so that you use only your own bank's ATMs. Obvious? Yes. Impractical? Sometimes. But every bit of the $4.3 billion spent on ATM withdrawal fees this year started with a transaction made on another bank's turf.

What if your bank only has a limited number of ATMs? If so, perhaps they belong to a surcharge-free alliance, which are not just for credit unions anymore. Many smaller banks have joined alliances that can offer free access to thousands of ATMs nationwide.

Some banks even reimburse accountholders for fees incurred when using another bank's ATM. Check with your institution and realize that a perk like this may only pertain to certain accounts that require higher balances.