More than half of all checking accounts are currently unprofitable, according to a report issued last month by Celent, a unit of Marsh & McLennan Cos. It costs most banks between $250 and $300 a year to maintain one of the roughly 200 million checking accounts, according to industry estimates.
I have no idea why keeping track of some bits in a computer (it's not even like they physically have "your" money) costs that much. Regardless, it'll be interesting to see if smaller banks and/or credit unions follow suit. I may end up oddly thankful for my grandfathered WaMu account because it was no monthly fee with no minimum balance and no direct deposit requirement. This account type already doesn't exist and I hope I get to keep it indefinitely.
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More than half of all checking accounts are currently unprofitable, according to a report issued last month by Celent, a unit of Marsh & McLennan Cos. It costs most banks between $250 and $300 a year to maintain one of the roughly 200 million checking accounts, according to industry estimates.
I have no idea why keeping track of some bits in a computer (it's not even like they physically have "your" money) costs that much. Regardless, it'll be interesting to see if smaller banks and/or credit unions follow suit. I may end up oddly thankful for my grandfathered WaMu account because it was no monthly fee with no minimum balance and no direct deposit requirement. This account type already doesn't exist and I hope I get to keep it indefinitely.
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