- With interest bearing accounts, monthly service fees hit a new high at an average of $11.97. Minimum balances also set a record with an average balance of $3,461.84 needed to keep an account open.
- For non-interest bearing accounts, monthly service fees hit a new low at an average of $1.96. Minimum balances also hit a new low with an average balance of $109.26 required.
To avoid some of the penalties associated with checking accounts, Bankrate's experts recommend taking the following steps:
- Consumers should keep close tabs on their accounts by balancing their checkbooks regularly as well as checking their account balances regularly online. Furthermore, sign up for overdraft protection with a funded savings account to ensure that you don't bounce a check.
- Use foresight when taking out money from your bank's ATM. Taking out $30 or $40 dollars from an out-of-network ATM is the same as paying 9 percent interest on your money.
- Investigate online banks. Many reputable online banks have generous ATM fee reimbursement programs for frequent users.
"In today's uncertain economic environment when every dollar counts, it is more important than ever for consumers to be vigilant about avoiding bank fees," said Bankrate Sr. Financial Analyst, Greg McBride. "Bankrate.com's annual Checking Study provides consumers with the tools and advice to find the best account and avoid unnecessary fees."
