2010 Checking Study
Pen and calculator
checking
7 key checking trends for the coming year

Bounced-check fees hit new high
Next
6 of 9
Back
Cash

Bouncing a check is never fun, but if it feels like it gets costlier every year, you're not imagining things. For the 12th year in a row, bounced-check fees hit a new record -- $30.47, up from in last year's $29.58.

Bounced-check fees, known in the industry as nonsufficient funds fees, have been one of the biggest moneymakers for banks in the past, along with debit overdraft fees. The bounced-check cash cow might get a little skinnier, and serial overdrafters' wallets a little fatter, with upcoming FDIC regulations requiring banks to change the way they calculate bounced-check fee totals.

Tip: Contemporary checking accounts offer a number of ways to keep track of your balance and avoid overdrafts, including cell phone text and e-mail alerts that tell you when your balance gets below a certain point, says McBride. Failing that, many banks allow you to set up a link between your checking and savings accounts that will allow your bank to tap your savings account to meet any shortfall for a nominal fee.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

advertisement

Blog

David McMillin

Small banks pay up for data breaches

New statistics show that the Home Depot data breach cost small banks a lot of money. Find out how much.  ... Read more

Partner Center
advertisement

Connect with us