From today’s WSJ:
To avoid a monthly fee, bank customers in the U.S. must keep an average minimum balance of $723 in checking accounts that pay no interestâ€”up 23% over last year, according to a new survey from data provider Bankrate Inc., which analyzed 477 checking accounts at 247 banks and thrifts. The average monthly fee on noninterest checking accounts rose 25% to $5.48, also a record.
Further down in the article, the author mentions that it costs most banks $250 to $300 a year to maintain checking accounts. Amazing that it costs that much especially with all the electronic transactions that go on daily. I also wonder if that figure is net after retail fees.
All these new fees are a direct result of dubious Frank-Dodd act. Thanks Frank and Dodd.