Syracuse (WSYR-TV) - A new survey shows that free checking accounts are becoming rare as banks add more and more fees to boost their profits.
A survey boils down to this, don’t be fooled by the word “free” – because it may come with conditions.
The survey, by BankRate.com, says 39 percent of non-interest checking accounts are actually free. And it seems that customers are fed up.
72 percent of Americans say they would consider switching banks if they raised their fees.
And while banks are adding fees for offerings that once were free, many are also increasing the monthly service fee.
The average monthly service fee is about $5.48 per month, which is an increase of 25 percent.
The important thing for each bank customer is to make sure they read the fine print.
The study also shows that many credit unions and small community banks still offer completely free checking.