- Overdraft fees increased three percent to a new record of $30.47; Fees increased for both interest and non-interest checking accounts - non-interest accounts increased 40 percent from $1.77 to $2.49 while the monthly fee for not maintaining a minimum balance on an interest checking account increased almost four percent from an average of $12.55 to $13.04;
- The number of banks and thrifts with free non-interest checking accounts - such as no minimum balance requirements or monthly fees - dipped to 65 percent, down from 76 percent last year;
- Minimum balance requirements to avoid monthly fees on non-interest checking accounts are up 34 percent from last year, moving from $185.75 to $249.50. For interest-bearing checking accounts, the average minimum balance requirement jumped 15 percent, from $3,372 to $3,883.
For the first time, Bankrate also ranked the top five cities across the U.S. in the categories of highest ATM and bounced check fees as well as the lowest ATM and bounced check fees.
Highest ATM Fees
1. Seattle ($2.69)
2. Denver ($2.65)
3. Houston ($2.63)
4. Miami ($2.56)
5. New York Metro ($2.55)
Lowest ATM Fees
1. Cleveland ($1.83)
2. Minneapolis ($1.95)
3. Kansas City ($2.00)
4. Milwaukee ($2.08)
5. Pittsburgh ($2.10)
Highest Bounced Check Fees
1. Dallas ($33.00)
2. Miami ($32.84)
3. Houston ($32.74)
4. Phoenix ($32.00)
5. Denver ($31.79)
Lowest Bounced Check Fees
1. San Francisco ($26.88)
2. Los Angeles ($27.78)
3. Cincinnati ($28.63)
T-4. San Diego ($28.80)
T-4. Chicago ($28.80)
"By exercising a little bit of caution, consumers can save themselves a lot of money and grief," said Bankrate senior financial analyst Greg McBride, CFA. "A consumer who goes to an out-of-network ATM weekly can save $260 per year by using their bank's ATM instead. Additionally, if that same person avoids one monthly overdraft of a checking account, at $30 each overdraft, they can save another $360. This means a potential savings of $620 annually, all without switching accounts or banks."
