BankRate.com reported today that Overdraft fees are up to a whopping average $32.74. That’s the16th consecutive record high. ATM fees are up to a record high of $4.35 per transaction.
Checking account fees have been steadily going up since new Federal Banking Laws were passed in response to the financial crisis brought on by bad mortgage loans. The new laws were designed to limit when banks can charge fees, banks have responded by raising the “over-all fees”
Good news for consumers is that there are lots of banks offering “no fee” checking accounts. Even accounts that have service fees saw a drop in those fees of 5%. Many banks will waive fees on checking accounts if “direct deposit” of paycheck set up. Check with your bank to see what options are available to you.