According to a new survey by Bankrate (RATE), bank customers will be saying goodbye to free checking accounts in 2011 as the banking industry (NYSE:KBE) introduces increased checking account fees, ATM charges, and penalties for account overdrafts.
The Bankrate 2011 Checking Account Survey reported that only 45 percent of noninterest checking accounts are free versus 76 percent in 2009. Consumers can still find free checking by signing up for direct deposit; however, nonsufficient funds and ATM fees continue to reach new heights, costing customers more to bank.
Bankrate’s stock (RATE) is down 1.97% to $15.95 on the news. Shares are up 3.91% year to date. The stock has traded in a 52-week range between $13.38 and $18.89.