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The nation's largest retail banks could lose $92 billion in deposits and $5.1 billion in revenues in the next year, as frustrated customers switch to smaller banks and credit unions, according to a new study.
July 18 -
Savings accounts represent a significant source of financial security for Americans, but some of the accounts are better for savers than others.
June 24
Free checking accounts are on the wane at traditional banks, according to a
Just 31% of the 100 U.S. banks surveyed offered free checking accounts, compared to 35% a year before. No-fee accounts were even rarer at brick-and-mortar banks. Just 28% offered checking accounts without monthly fees.
Online banks bucked the overall trend, with nearly 79% offering free checking accounts. Online companies that did require monthly fees charged an average of $9.49, compared to $12.48 at traditional banks.
Overdraft fees were also lower at online financial companies, hovering at $25.50. The average overdraft cost at brick-and-mortar banks was $31.90.
MoneyRate's semi-annual report surveys the 50 largest U.S. retail banks by deposits, as well as 50 smaller financial companies.
