This is Bankrate's 19th checking study, and only twice
in 10 years have nonsufficient funds fees, or NSF fees, failed to rise. So, once
again, they're at an all-time high.
Bounce a check
and you'll pay an average of $28.95. That's 2.5 percent higher than last year.
If you're lucky, that's all you'll pay. Too often, even occasional check bouncers
fall victim to banks' practice of paying the largest check first when they're
clearing several checks received around the same time. If that first check drains
your account and there are three or four smaller checks behind it, you'll get
clipped for multiple NSF fees.
|Average nonsufficient fund fee |
and debit cards can make balancing a checkbook a challenge since you may forget
to deduct the withdrawal or the purchase. Unless you routinely check your balance
online, it's easy to overdraw your account.
Bankrate.com surveyed one interest checking account and one noninterest checking
account at each of the largest banks and thrifts in each of 25 large markets to
find the latest trends on checking account and ATM fees. There were 247 interest
accounts and 226 noninterest accounts surveyed at 249 banks and thrifts in the
top 25 metropolitan areas.
Bankrate.com also looked at 22
checking accounts at 18 institutions offering online accounts and compared them
to their brick-and-mortar counterparts.