Free checking is on the wane
Forty-five percent of non-interest checking accounts are free, down from 65 percent in 2010 and the peak of 76 percent in 2009, according to Bankrate.com, which provides a variety of banking industry analysis. The decline in free accounts means 60 percent more accounts now carry fees and balance requirements. The average monthly fee is $4.37, up from $2.49 last year, and the balance required to avoid fees is $585, more than double the $249 from one year ago, Bankrate.com said.
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