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September 26, 2011
Free checking’s disappearing act is becoming widespread, according to Bankrate’s 2011 Checking Account Survey.
Only 45% of noninterest checking accounts remain complimentary, as compared to 76% just two years ago. So free checking has declined by 31 points and is only about 60% (45/76) of what it was 2 years ago—a massive 40% drop.
“Free checking is on the way out in 2011, while the banking industry ushered in increases in checking account fees, ATM charges and penalties for account overdrafts,” states Bankrate.com. “However, banks still will offer free checking for meeting conditions such as signing up for direct deposit.”
Overdraft charges, meanwhile, reached record levels for a 13th consecutive year. ATM fees also increased for a 7th straight year.
Click here to read more on the study results.