Unless you stash your cash under your mattress (not recommended), you probably have a bank checking account. Kudos to you if you also have a savings account.
“Free checking” was once a common phrase banks used to entice consumers to sign up for a checking account that may soon be biting the dust.
That once free checking account is becoming increasingly expensive. In the last year, banks have increased monthly maintenance charges as well as ATM and overdraft fees.
You can review the average monthly maintenance, ATM, and overdraft fees in the TIME article “Seriously? Bank Fees Shoot Up Again.”
If you plan on opening a new checking or savings account, do your homework first. Compare your options and be sure to check the fees and penalties each bank charges.