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How Much Does A Checking Account Cost?
The amount it takes to keep a checking account in good standing will vary by different banking institution. Such costs are mainly associated with monthly maintenance, check ordering fees, and what is charged to cash checks at other banks. Along with ATM and returned check fees given the NSF situation.
Monthly Maintenance FeesIn the past, many banks across the country offered low cost checking, but this has all but disappeared. Particularly for check writing accounts.
Monthly minimum balances continue on the rise. For example, Fifth Third's basic Essential Account can require a $1,500 balance (there are exceptions for students, or those depositing $500 on a monthly basis) but otherwise a service fee of $11 for underbalance accounts will apply.
But notably, there are still banks that provide no cost checking. Such as Huntington Bank and their Asterik-Free Checking account. With this account, you are allowed unlimited check writing abilities per month with no monthly minimum balance requirement (although opening a savings account at the same time might be required).
Actual Check ChargesChecks typically come in packets of 50 or 120, such as by DeLuxe, and are normally priced at about $12.95 or 21.95 per pack respectively, for basic checks. Custom designs may incur an added fee.
Check Cashing Fees
As an incentive for opening a new account, a number of banks have been adopting the practice of lodging check cashing fees for non-customers. Banks in this practice include Bank of America, Chase, Fifth Third, Huntington, KeyBank, PNC and Wells Fargo although there are others. Amounts being charged are based on the amount of the check being cashed and fees range from $4.00 to $10.00. Huntington, for example, charges $6.00 for amounts issued over $200. Which may be a flat fee.
ATM Debit Card Fees
As banks continue to tighten their grip, some are stipulating that debit cards attached to the account be used for free but only among their network locations. Otherwise there may be transaction fees incurred when using the card at different machines.
Other possible debit card fees include card replacement fees, and also annual and international fees.
Returned Checks Charges
If an account does not have overdraft coverage, fees charged for this span $25.00 to $40.00 and this amount varies by state and banking institution.