The cost of consumer checking accounts at U.S. banks and thrifts hit new highs during the first six months this year, according to the latest survey of 100 banks by MoneyRates.com.
A twice-yearly report from the personal finance website said average monthly maintenance fees and overdraft protection fees rose. The survey, released Tuesday, also recorded increases in the minimum deposits required to open an account and to qualify for a waiver of the monthly fees.
The availability of free checking accounts, defined as those with no monthly maintenance fees, continued to decline. The percentage of free accounts dropped to 28 percent, down from 36.6 percent at the end of 2012 and the lowest share of all checking accounts since the survey began in 2009.
The average monthly maintenance fee rose by 15 cents to $12.69 during the first six months of 2014, meaning it costs the average consumer more than $150 a year just to keep a checking account open, MoneyRates said.