Amanda Lucidon, Deseret News
Checking fees at banks are on the rise, with some increasing as much as 25 percent, according to Bankrate.
Recent regulation such as limiting overdraft fees and caps on debit-card swipe fees are causing banks to look elsewhere to increase revenues, Eben Jose, an industry research analyst with IBISWorld told Bankrate.
"That had a drastic kind of an effect on their revenue for retail banking," Jose told Bankrate. "They need to find a way to make up for these fees in other ways."
Seventy-two percent of Americans would think about switching should their banks increase checking account fees. Less than 1 percent of banks surveyed charge a card carrying fee, according to Bankrate.
To make up the difference, banks have collected more money by eliminating free checking accounts, increasing monthly maintenance fees, charging non-customers to use their ATMs, raising overdraft fees and cutting interest payouts.
- Jury exonerates Marc Jenson in fraud, money...
- Utah's largest oil producer lays off 80...
- 5 reasons your most talented employees will...
- Consumers fuel steady US economy as rest of...
- Fed sees strengthening economy but stays...
- Balloon crew surpasses distance record in...
- Markets brace for Big Oil profit plunge
- Balancing act: Organizations slowly move...
- Business community supports tax... 22
- Utah's largest oil producer lays off 80... 16
- Jury exonerates Marc Jenson in fraud,... 11
- McDonald's CEO steps down as sales decline 7
- After setting iPhone record, what does... 5
- US economy slows to 2.6 percent growth... 4
- US consumer confidence jumps to 7... 3
- 5 reasons your most talented employees... 3