According to Bankrate.com banks are charging more in fees than ever before. While they are charging more, they are also offering less. It seems that more and more banks are getting rid of free checking all together in an effort to make more money in this down economy.
Studies show that the fees for a non-interest checking account have gone up a significant amount since last year. The fees have jumped twenty five percent in value over the last year, and it does not seem to be an end to the increase in fees. In the next few years the fees are expected to go up even more costing consumers more and more to maintain a checking account.
Checking fees are not the only fees that have gone up. Overdraft fees or non-sufficient fund fees have gone up and are now at a record high. This is making it difficult for some consumers to even be able to keep their checking accounts open. They run the risk of paying more in fees than what they have in their account.
Bank ATM fees are up as well. Most ATMs have upped their charges and the ones who previously did not have fees are starting to have them now. It is getting harder and harder to find a no fee ATM. Banks know that people need them so they know that they can up the fees whenever they would like.
Many people want to know, why is this happening? Well first of all the economy is not in the best of shape, but this is not the only reason. There are new federal guidelines and regulations out there for banks that are causing them to lose some revenue. This is causing them to want to up fees wherever they can in an effort to make up for the loss.
There are ways to avoid paying the fees. It all depends on the bank that you are using and whether or not you are willing to change financial institutions. The amount of money that you must keep in your account to keep it open is going up all the time. Not all banks charge the same fees and not all banks have the same minimum balance. So look around at the different banks and the fees associated with them.
What you need to do is to be proactive about your bank and its fees. Know what fees they charge and what they are charged for. If you know what triggers a fee then you know what to do to avoid it. Worried you do not have enough money in your account to pay all your bills this check? Instead of overdraft fees, consider a payday loan. Find ways to avoid paying the fees that your bank wants to charge you.
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