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Entries in Durbin Amendment (1)

Tuesday
Oct042011

Checking Fees at the 10 Largest Banks

Goodshoot/Thinkstock(NEW YORK) -- Banks are looking to increase revenue by charging for debit cards and basic checking accounts in reaction to the Durbin Amendment of the Dodd-Frank Act. The amendment, which took effect Saturday, limits the fees banks collect from merchants when customers make debit card purchases.

ABC News has compiled a list of the 10 largest banks and how much each is charging for basic checking accounts and the debit cards that accompany them.

1. Bank of America

-- Checking: $25 deposit to open; $8.95 monthly fee unless statements are paperless and deposits/withdrawals are done online or by ATM.
-- Debit Card: Included with all checking accounts (no additional fees); $5 debit fee to be rolled out in early 2012, which can be waived under certain circumstances.

2. Wells Fargo

-- Checking: $100 deposit to open; $5 monthly fee unless direct deposit or average balance of $1,500.
-- Debit Card: Included with all checking accounts (no additional fees); test marketing $3 debit fee in five Western states, possible national rollout.

3. JPMorgan Chase

-- Checking: $25 deposit to open; $12 monthly fee unless direct deposit of at least $500, minimum balance of $1,500 or $5,000 average daily balance in linked accounts.
-- Debit Card: Included with all checking accounts (no additional fees); test marketing $3 debit fee in Georgia and Wisconsin, possible national rollout.

4. Citigroup

-- Checking: $0 to open; $8 monthly fee, waived if account has two of the following: direct deposit, online bill payments, ATM withdrawal, debit card purchase.
-- Debit Card: Included with all checking accounts (no additional fees).

5. US Bank

-- Checking: $50 to open; $6.95 monthly fee with online statements or $8.95 with paper statements unless direct deposits of at least $500 or average account balance of $1,500.

-- Debit Card: Included with all checking accounts (no additional fees).

6. PNC

-- Checking: $25 to open; no monthly fee.
-- Debit Card: Included with all checking accounts (no additional fees).

7. TD Bank

-- Checking: $0 to open; $2.99 monthly fee with online statements or $3.99 monthly fee with paper statements.
-- Debit Card: Included with all checking accounts (no additional fees).

8. Capital One

-- Checking: $50 to open; $8.95 monthly fee unless $300 minimum daily balance or monthly direct deposit of at least $250.
-- Debit Card: Included with all checking accounts (no additional fees).

9. SunTrust

-- Checking: $100 to open; $7 monthly fee unless minimum balance of $500 or direct deposit.
-- Debit Card: $5 monthly fee for unlimited debit card usage.

10. BB&T

-- Checking: $50 to open; $10 monthly fee unless direct deposit, $1,500 average balance or a mortgage with BB&T.
-- Debit Card: Included with all checking accounts (no additional fees).

Copyright 2011 ABC News Radio







ABC News Radio