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This post originally appeared on Money Talks News.
Checking accounts can have up to 48 potential fees, a Pew study found in January. But surely that’s not normal, right?
The average may still surprise you. According to new research from WalletHub.com, the typical checking account has 30 associated fees, while “most banks fell in [the] 20 to 40 total fee range.”
The study specifically excluded fees for services not associated with basic checking accounts, such as fees related to safety deposit boxes, gift cards, personalized checks and wage garnishment.
Fees are a big deal. Banks raked in $32 billion just from overdraft fees last year, despite regulations that ended banks’ practice of automatically enrolling customers in so-called overdraft protection and made it optional, we wrote recently.
WalletHub’s study ranked 25 major banks from best to worst based on how transparent and understandable their fees are. (The rankings are not about the number or cost of fees.)
By those criteria, the best banks are Capital One, Fifth Third Bank and Citibank. The worst by a wide margin was M&T Bank, which the study says only disclosed two fees on its website, followed by The Huntington National Bank and HSBC Bank.
Here’s what else the study found:
Are you happy with how your bank charges and discloses fees? If not, check out the video below for advice on how to switch to a better bank.
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