Maintenance fees added to accounts6 of 6Even the most basic banking services are not immune to rising bank fees. Hammer says consumers should expect fees for checking accounts and savings accounts that do not meet minimum balances or average daily balances.Bank of America is raising minimum balance requirements throughout this year and charging a monthly account fee for customers who can't maintain those balances. Citigroup has added monthly maintenance fees of up to $30 for some checking account customers. Some banks are charging a monthly fee for customers who bank in the branch and request paper statements rather than banking solely online."Banks usually charge these fees under the auspices of 'account maintenance,' which is a real cost to them," Hermens says. "These fees run anywhere from $7 to $10 per month and usually apply to customers who only have one account. Banks will waive the fees for customers with multiple qualifying accounts, such as a checking account with a mortgage. This is a way to reward customers who give them more business." advertisementRelated Links:Credit unions: No need for company tiesPros and cons of prepaid debit cards Banks disagree over 'unpaid' checkRelated Articles:Bank saps account of $200Considering a new bank? Good banking habits with new technology
Even the most basic banking services are not immune to rising bank fees. Hammer says consumers should expect fees for checking accounts and savings accounts that do not meet minimum balances or average daily balances.
Bank of America is raising minimum balance requirements throughout this year and charging a monthly account fee for customers who can't maintain those balances. Citigroup has added monthly maintenance fees of up to $30 for some checking account customers. Some banks are charging a monthly fee for customers who bank in the branch and request paper statements rather than banking solely online.
"Banks usually charge these fees under the auspices of 'account maintenance,' which is a real cost to them," Hermens says. "These fees run anywhere from $7 to $10 per month and usually apply to customers who only have one account. Banks will waive the fees for customers with multiple qualifying accounts, such as a checking account with a mortgage. This is a way to reward customers who give them more business."
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.