Bank fees are on the rise

Written by admin   // August 20, 2012   // Comments Off

(CNN)

Watch out for rising bank fees … again.

A new survey from money-rates.com survey finds banks are hiking up monthly costs, ATM charges and overdraft fees.

The bank comparison website actually found specific costs declining the last time it did this survey at the end of 2011, but in the first half of this year, fees have increased in every category the survey tracks.

Service fees rose by 80 cents, averaging more than $12 a month.

Average overdraft fees have crept up by 60 cents, to nearly $30.

ATM fees are also on the rise. Only 35 percent of banks don’t charge monthly fees.

Some banks allow people to avoid the fees by having a minimum balance in an account, but even minimum balance requirements have jumped – averaging more than $4,400.

Fees are rising as banks try to make up revenue lost after financial reform took effect.

The Legislation limited interchange fees; how much banks can charge retailers whenever someone uses a debit card for a purchase.

Money-rates.com suggests if you’re thinking about opening a new account to consider online banks or smaller banks that are more likely to have accounts with no monthly fees.


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