The country’s banking institutions are doing something unbelievable, in that they are actually going to cut back bank charges. Just kidding; they aren’t going to do that, as the recent bi-annual survey by MoneyRate found checking fees and other bank charges are increasing.

Always expecting more bank fees

Whenever possible, banks will add more fees. Last year, Bank of America tried to charge a $5 monthly debit card fee, which ended in catastrophe. Banks are always trying to see what they can get away with on the subject of charging extra charges.

Bank fees are always increasing, so at least they are consistent. Forbes explained that there was a MoneyRate survey just released that showed large increases in checking fees and other bank charges this year. There have already been many rounds of increases for the year, and evidently they will continue.

Groups of increased fees

CNN explained that over 100 banks, including the 50 largest banking institutions, are used in the MoneyRate survey released every six months. The minimum opening balance average reached $408.76, according to Forbes, which was an increase from $391.41. There were other charges shown to increase also.

There was an increase in overdraft fees from $29.23 to $29.83. These charges are criticized because they are really expensive, which is why a lot of people get payday loans to stay away from them.

There was a 24 percent increase in the minimum balance required to stay away from account charges. It increased from $3,590.83 to $4,446.57.

Monthly service charges increased to $12.08, up from $11.28 in the last survey, meaning an annual cost in account maintenance charges of $145, according to CNN. The split across bank size, naturally, revealed larger banks charged the most in fees. Large banking institutions charged an average $13.88 in account fees. Medium banking institutions and small banking institutions charged an average $11.87 and $9.88, respectively.

Out of network ATM charges increased 18 cents to $1.29, though regular ATM fees hardly increased as well. There was a three cent increase for non-customer ATMs to $2.40.

Get free checking

Only 21 percent of big banking institutions offer free checking right now, and 46 percent of small banking institutions offer it too. Only 35 percent of banks total offer free checking, which is a decrease from 39 percent last year.

Credit unions are the very best option for getting accounts with no checking charges still. About 76 percent of credit unions in a Bankrate survey offered free checking, which has now dropped to 72 percent of the nation’s largest credit unions, according to the Chicago Tribune. That is still much better than banking institutions.

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