Checking Account Fees Return and Rates Still Reasonable

For several years, getting a checking account was a safe venture – no minimum balances or maintenance fees to worry about – but now it seems that one of the two (maintenance fees) may be making a comeback. According to a new report from, checking accounts that included maintenance fees increased by 15 percent between the first and third quarter in 2009.

Expect to Pay More in Maintenance Fees

Some other data from the report included:

  • 44 percent of checking accounts surveyed had no maintenance fees in the first quarter of 2009. The number went down to 37 percent in third quarter.
  • The average account maintenance fee is now $6.63 per month
  • A consumer with a checking account balance averaging $500 will pay nearly 16% each year.

Some Banks Still Offer Free Checking / Great Rates

While some banks are bringing back maintenance fees, others like United Bank of Kansas still offer accounts with no minimum balance requirement, no maintenance fees and a reasonable rate.

Currently the rate for the bank’s United Premier Checking Account is 4.41% APY on balances up to $30,000. Here are additional rates and features for the account with consideration to meeting monthly requirements:

  • 0.91% APY on portion of balance over $30,000
  • 0.20% APY base rate if requirements are not met
  • ATM fee refunds up to $15 per month

More From Your Money

The monthly requirements for the account include making 12 signature-based debit card purchases and 1 direct deposit or ACH auto debit. The account requires a $100 minimum to open, but no minimum to earn the APY. Also, you can take advantage of free Bill Pay with this account.

To open an account, visit a branch location in the Kansas cities of Lenexa, Horton, Whiting, Lancaster and Atchison.

>> Checking Accounts and Promotions

Other Terms and Conditions may apply. Additionally, rates may have changed since this offer was posted. Please contact the financial institution for the most recent rate updates and to review the terms of the offer.

About the Author

Stacey Bumpus

Stacey Bumpus holds both her Bachelor and Masters degrees in Communications. After spending years in corporate communications, she discovered freelancing was really her cup of tea and fell in love with finding and writing about the latest financial news. Now, providing news and tips about banking, mortgages, taxes (and even logging her own efforts to save for retirement), she's not only fulfilling her lifelong passion, but also helping others manage their finances responsibly.

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