ATM fees, monthly service fees on interest-bearing checking accounts and bounced check fees have raised to new highs. The rise has been occurring for years, but this time Congress is paying attention.
In 2009, consumers paid an average fee of $3.54 to use another bank’s ATM, up 16% from 2004. This includes the fee charged at the ATM, as well as the fee charged by the customer’s bank.
This year, consumers are paying a record charge of $12.55 per month for an interest-bearing checking account, up 3.5% from 2004, Bankrate’s data show. The average bounced-check fee was $29.58 this year, near the inflation-adjusted high of $29.73 reached in 2005.
However, in 2008 it shows that 52% of consumers paid nothing for checking maintence and ATM use. Whereas in 2009 a bankers’ group survey shows only 17% of consumers.
Greg McBride, a senior analyst at Bankrate.com, a bank-account comparison site gives this advice to consumers struggling to pay bills, “As fees continue to move higher, it’s more important than ever for consumers to shop around and get the best terms so they can keep more of their hard-earned money.”
Also, Carol Kaplan, a spokeswoman for the American Bankers Association says, “It is very possible in this country to have a checking account and to never pay a dime for it,”
http://www.usatoday.com/money/industries/banking/2009-09-30-checking-account-fees-rise_N.htm
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