A study by bankrate.com shows that many consumers are experiencing increases in monthly service fees for bank accounts for the first time in several years.
According to the study, "Just 65 percent of noninterest accounts wee free from monthly fees or balance requirements, the hallmark of a free checking account. That's down from last year, when 76 percent of checking accounts were free, and it reverses a trend of free checking accounts grabbing a steadily larger share of U.S. bank offerings."
The minimum balance required to maintain the account also spiked up sharply. In 2009 the average minimum balance was $185.75 while in 2010 it rose to $249.50.
The report go on... "Add "rising ATM fees" next
to death and taxes on the list of life's inevitabilities. Bankrate's 2010
Checking Study shows the decade-long trend of rising fees on ATMs continuing. The
average surcharge charged by another bank ATM
providers to make a
transaction rose from $2.22 to $2.33."
To read the entire report go to: http://www.bankrate.com/finance/checking/7-key-checking-trends-for-the-coming-year-1.aspx
The Cash Management Card can help offset the rising cost of opening and maintaining a standard checking account. Find out more by visiting our website: http://www.thecashmanagementcard.com/
