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.
- Utah's largest oil producer lays off 80...
- Failed resort embittered friends, Marc Jenson...
- Profiting as a Super Bowl host city...
- McDonald's CEO steps down as sales decline
- 5 reasons your most talented employees will...
- Fed sees strengthening economy but stays...
- Lawmakers looking to pump up gas tax this...
- Balancing act: Organizations slowly move...
- Lawmakers looking to pump up gas tax... 62
- Business community supports tax... 22
- Utah's largest oil producer lays off 80... 8
- McDonald's CEO steps down as sales decline 7
- After setting iPhone record, what does... 4
- Greek radical left wins election,... 3
- US consumer confidence jumps to 7... 3
- Knocking doors: What to know before... 3