2009 Checking Study: Bank fees take flight
Source: Bankrate.com

Here are highlights of the major findings in this year’s checking account study:

• Nonsufficient funds fees, or NSFs, better known as bounced-check fees, rose to another record high. We would hardly have expected anything less since this pattern has held true for the 11 years Bankrate has been doing this survey. This year we’re also including data on tiered fee structures — the practice of charging higher and higher NSF fees with multiple bounced checks.
• It may be inconvenient to hunt for an ATM that belongs to your bank when you’re away from home, but you’ll do it if you don’t want to get socked with a fee that jumped more than 10 percent this year.
• The monthly service charge on interest-bearing checking accounts that fall below the minimum balance requirements rose to a new high, up almost 5 percent from the 2008 Checking Study.

This entry was posted on Monday, November 9th, 2009 at 8:12 am and is filed under Business and economics, Consumer issues. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.