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

Checking charges and other bank charges increasing a fact of life

Banking institutions have been adding more and more charges to try and see what they can get away with without losing customers. Apparently they hit their threshold last year with the $5 debit card fees mistake Bank of American made last year. Banks will always try to add extra fees.

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

Fees increased everywhere

MoneyRate releases the survey every six months, using data from more than 100 banks, according to CNN, including the 50 largest banking institutions. This edition of the survey found that, among other charges that were elevated, the minimum opening balance reached an average of $408.76, according to Forbes, up from $391.41 in the previous survey.

Overdraft charges, which some people avoid by getting payday loans and are often a matter of frequent criticism of banking institutions, increased slightly from $29.23 to $29.83.

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

Considering monthly service fees increased from $11.28 to $12.08, the average amount paid for an account per year was $145, CNN pointed out. Medium banking institutions averaged $11.87 service charges while small banks had $9.88 service fees. Average large banking institutions charged $13.88 in account fees. It is obvious that larger banks charge much more than smaller banks do.

The cost of using an ATM hardly changed unless it is for out-of-network ATMs, in which case it increased to $1.29, an 18 cent increase. There was also a rise to $2.40 for the average non-customer ATM fee. That is a three percent increase.

Get free checking

Only 21 percent of big banks 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.

There are 72 percent of the largest credit unions in the nation that offer free checking accounts, a recent Bankrate survey showed, according to the Chicago Tribune. That is a slight drop from last year’s 76 percent, but it is still the very best option in case you are trying to find free checking.

How often have you needed more info on where can i get a payday loan, and resorted to a web search on “apply for a payday loan?” Look no further, all of the details you’ll need is at MatchFinancial.