The recent results of the semiannual MoneyRates.com Bank Fee Survey are turning conventional wisdom on its head. Despite claims that free checking is dead, the latest findings show that 44.2 percent of checking accountssurveyed have no monthly maintenance fees.
Industry observers had speculated that new banking regulations being implemented in the past year would signal the end of widespread free checking accounts. As the federal government continues cracks down on excessive bank fees and perceived predatory practices, many experts surmised that banks would begin tacking on checking maintenance fees to boost profits.
However, the MoneyRates.com Bank Fee Survey finds that the proportion of banks offering free checking has remained virtually unchanged between January 2010 and July 2010.