7 On Your Side
'Free' checking is getting expensive
"Free" checking accounts are not necessarily free anymore. In fact, it is getting pretty expensive.
The Wall Street Journal is reporting that so-called "free" checking accounts are more expensive than ever.
To avoid a monthly fee, customers must keep an average balance of $723 in their checking account. That's 23 percent more than last year.
Those paying for accounts are paying more too: the average monthly fee for non-interest checking accounts rose 25 percent to about $5.48. And that is not the only place where bank customers are paying more.
Financial website, http://www.bankrate.com/, says ATM surcharges rose 4 percent, hitting a record high of $2.50 charged, on average, for using another bank's money machine.
Here are the cities where it cost most to use an out of network ATM Denver is the most expensive with a charge of $2.80, followed by a tie between New York and Seattle at $2.70 then San Francisco and Houston are tied at $2.69.
banks, 7 on your side, michael finney
- BART train brake problem prompts evacuations
- Bail for suspect in PS4 robbery in SF set at $5M
- Bay Area wakes up to frost as cold snap hits
- Crews call for reinforcements to find missing family
- Newtown 911 calls show calm response to shooting
- Obama, in speech, to focus on income disparities
- 10 whales dead, dozens stranded in Everglades
- Milpitas police investigate possible kidnapping
- Sketch released of suspect in violent robberies
- Daly City man arrested for biting, punching parents 45 min ago
- Autopsy: Paul Walker died from impact, fire in crash
- abcnews: Harmful contaminants in marijuana?
- roundup: Murder trial; Bank robbery arrest
- weather: Bay Area weather forecast for Wednesday