The cost of free checking continues to climb.
To avoid a monthly fee, bank customers must maintain an average balance of $723 in their non-interest checking accounts, up 23% from 2011 and the highest balance in 15 years, according to a
The average monthly service fee on non-interest checking accounts rose 25%, to $5.48, also a record, the review of 477 checking accounts at 247 institutions finds.
In all, 39% of non-interest checking accounts surveyed are available to all customers free of charge, down from 45% last year and below the peak of 76% set in 2009.
Banks have upped automated teller machine and overdraft fees as well.
"Checking accounts that are free on a standalone basis continue to diminish," Greg McBride, Bankrate.com's senior financial analyst, said in a news release. "But a free checking account is still within reach of the majority of Americans, whether by getting the fee waived through direct deposit or moving to a bank or credit union that still offers free checking."
Customers whose accounts fell below their bank's average minimum monthly balance paid fees ranging from an average high of $33.60 in Denver to $28.35 in San Francisco.
The rising fees may test customer loyalty. Overall, 72% of customers say they would consider switching lenders if their financial institution hiked its fees on checking accounts. Among Americans who earn at least $50,000 a year, 81% say they would consider switching lenders in the event of a fee increase.
Though many of the nation's biggest banks
