More banks are competing on the basis of checking account fees
Foster City, CA – Mar. 19, 2019 – Personal finance resource MoneyRates.com, released today its list of best checking accounts to minimize an overdraft fee. The semi-annual study discloses the ten banks in the MoneyRates Index that offer the best combination of terms and fee structure for individuals who want to reduce runaway overdraft charges.
What makes a bank a good choice for consumers concerned about checking account overdraft charges? For starters, an overdraft fee that is below the industry average of $32.53 per overdraft transaction.
Also, multiple transactions can occur while an account is overdrafted, potentially resulting in several overdraft fees. For example, if a customer used a debit card four times while an account was overdrafted, the result would be an average of $130.12 in fees. So, it helps to have a bank that puts a cap on how many overdraft fees it charges per day.
Another feature MoneyRates.com identifies to reduce overdraft charges is accessing free, automated transfers from related accounts to cover potential overdrafts.
MoneyRates.com considered these characteristics in assembling a list of ten accounts that can help customers minimize overdraft fees.
The data reveal that more banks are beginning to compete on the basis of checking account fees. “Comparing the new results to the list compiled six months ago, we see that seven banks are new to the list. These additions represent new opportunities for consumers to find banks that can help reduce their fees,” says Richard Barrington, Senior Financial Analyst for MoneyRates.com.
Rank |
Bank Name |
|
1. |
Axos Bank |
|
2. |
Ally Bank |
|
3. |
Discover Bank |
|
4. |
USAA Bank |
|
5. |
TIAA Bank |
|
6. |
Arvest Bank |
|
7. |
State Farm Bank |
|
8. |
Opus Bank |
|
9. |
Radius Bank |
|
10. |
Washington Federal Bank |
Axos Bank came closest to offering truly free checking with its fee structure including no monthly maintenance fee, no overdraft charge, and no minimum required to open an account.
The MoneyRates Index is a representative cross-section of the banking industry, representing 50 of the largest retail deposit institutions as well as 25 small and 25 medium-sized banks. See the full article here: https://www.money-rates.com/basicguides/avoid-overdraft-fees.htm
About MoneyRates.com
MoneyRates.com is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. QuinStreet is committed to providing consumers and businesses with the information and tools they need to research, find and select the products and brands that meet their needs. MoneyRates.com is a member of the company's expert research and publishing division.
Since 1998, MoneyRates.com has served as a personal finance resource designed to help readers make the most of their money. In addition to a variety of financial calculators, MoneyRates.com researches and tracks CD, savings, and money market rates offered from over 400 financial institutions across the country to offer expert advice on banking, investing and retirement planning. MoneyRates' spokesperson, Richard Barrington, is available for commentary on banking and personal finance topics.
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