(KMOV) – New regulations on banks to stop abusive practices have cut profits at big banks, and they’re making up for those reduced profits by charging higher fees.
However, if you shop around, you can find places with lower fees and still get services.
As big banks boost fees, a new study by Bankrate.com shows the number of banks offering free checking has dropped. Also, fees for non-interest bearing checking accounts are up 40 percent.
Michael O’Brien, vice president and chief marketing officer for St. Louis Community Credit Union says his bank will hold the line on fees, and that free checking is alive and well in credit unions.
“We don’t want to make it even more difficult for our members,” he says.
Fees for using an ATM outside of your bank’s network are up, and average about $2.33 each use. Also, overdraft fees have hit record levels, averaging about $30.47.
At St. Louis Community Credit Union, the overdraft fee is just $15. To them, lower fees are good for business.
A few ways to save on fees include asking banks to reduce the fees by signing up for direct deposit and also by getting cash back at the grocery store.