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WSJ: “Free” Checking Costs More

By JLP | September 24, 2012


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 interest—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.

Topics: Banking, Politics | 4 Comments »

4 Responses to “WSJ: “Free” Checking Costs More”

  1. Stacey Says:
    September 24th, 2012 at 9:24 am

    …and the Durbin amendment…

  2. BG Says:
    September 24th, 2012 at 1:25 pm

    Come on…do either of you pay any fees for your checking account? I sure don’t and my balance is always on fumes (real money is not in my checking account).

  3. Stacey Says:
    September 24th, 2012 at 11:54 pm

    No sir, I do not pay any fees for our checking accounts. It’s the 11th Commandment: Thou Shall Not Pay Bank Fees for the bank’s use of my money.

    Unfortunately there are times DH performs an ATM and incurs a charge. He promptly gets an email from me and promises to do better. I fall for it every time. :)

  4. John Says:
    September 26th, 2012 at 6:40 am

    Most people pays fees when they use ATM’s that do not belong to their bank. If your bank branch is not convienent for you, switch banks, don’t keep on paying fees.