Editor’s note: This is a transcript of the audio file.
Just how much are bank fees rising and how can you avoid them? I’m Kristin Arnold with your personal finance minute.
Bankrate.com has released their annual checking account survey. Greg McBride, senior financial analyst with Bankrate.com has the results.
“Both interest and non-interest checking accounts posted big increases in monthly fees and the balance requirements to avoid those fees. Interest checking accounts, the average fees are over $14, and getting it waived means keeping over five-thousand dollars at the bank. Non-interest accounts are a comparative bargain, with an average fee of just under $5 and a much lower balance requirement … or the ability to avoid it all together with direct deposit. We also noticed modest increases in ATM fees and overdraft fees, both of which set record highs. And despite all the talk about debit card fees, these are still rare. Less than 10 percent of accounts charge a fee, either per transaction or to carry the card.”
To read more results on this study, just visit Bankrate.com. I’m Kristin Arnold.