PNC Financial Services Group Inc., bucking a trend that is sweeping the banking industry, is vowing to keep its most-basic checking accounts free of fees. Get the full story »
Inside these posts: Checking
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Cost of checking accounts at all-time high
The cost of maintaining a checking account rose to an all-time high this year, with much of the increase coming from the fees assessed to maintain both interest and non-interest-bearing accounts rising 40 percent. Get the full story »
Banks shut people out of high interest checking
Banks are getting wise to people who bank hop to get the highest interest rates on checking accounts and some are cutting off customers who they think have become too big for their britches. Depositaccounts.com writes that banks can tell when you have been trotting from bank to bank opening accounts. And they don’t like it because they want you to be loyal only to them. My advice: Shop anyway. The more the merrier if you can pull it off.
Savings rates drop below 1%
The national average rate for checking, savings and other deposit products has dropped below 1 percent for the first time in at least a decade, according to an analysis released Monday by Market Rates Insight.
The survey also includes money-market accounts and certificates of deposit.
In July 2010, the national average rate was 0.99 percent, Market Rates found. The closest dip in deposit rates occurred in January 2004, when the national average rate was 1.88 percent. Get the full story »
New BofA account free, but no tellers or paper
Bank of America is rolling out nationwide a bank account with no fees. Just don’t ask for a paper statement and stay out of the teller line. The nation’s largest retail bank said Thursday its new checking account, aimed at the iPhone set, is free of fees provided the customer requests electronic statements and prefers automated tellers. Get the full story »
