The average for nearly every type of checking account and ATM fee rose in the first half of 2014, according to the mid-2014
Notable fee climbs in the survey include the average monthly maintenance fee (up
Other low points for consumers included a higher average deposit required to open a checking account (up
"People are more and more viewing online banking as a convenience anyway," says Barrington. "If you consider that convenience plus the chance to avoid fees, it adds up to a rare win-win for consumers."
Fifty-eight percent of the online-based checking accounts in the survey had no monthly maintenance fee, compared with just 25 percent of the traditional accounts.
Barrington adds that consumers who are tired of fees may also wish to avoid the nation's largest banks. The survey finds that these institutions charge higher checking account fees than their smaller counterparts across numerous categories. Only 19 percent of the checking accounts from the nation's largest banks – defined in this study as those with more than
"Large banks still have the lion's share of U.S. deposits," says Barrington. "This shows an unfortunate inertia on the part of consumers. In many cases, they could save a lot of money by making a change."
Barrington also urges consumers to use good banking habits to avoid discretionary bank fees, such as overdraft and ATM charges.
"Responsible habits start with smart choices," says Barrington. "Opt out of overdraft protection. Choose a bank whose ATM network is convenient to your regular movements and travels. Bank fees are going up for most customers, but they don't have to for you."
You can read the entire analysis on MoneyRates.com here: http://www.money-rates.com/research-center/bank-fees/mid-2014.htm.
MoneyRates.com has been a leading source of information on bank rates, personal finance, savings accounts and investing since 1999. The site provides the highest rates on certificates of deposit, money market accounts and high-yield savings accounts. MoneyRates.com is owned and operated by
Read the full story at http://www.prweb.com/releases/2014/08/prweb12121580.htm
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