Checking Accounts Often Costly, Contain Hidden Risks, Study Finds

Checking account
Checking account

A new study reveals your checking account could be costing you a lot more than you think.

The study, from the Pew Health Group, called Hidden Risks: The Case for Safe and Transparent Checking Accounts, found that the average checking account in the U.S. has:

  • an $8.95 monthly fee,

  • an overdraft penalty fee of $35,

  • an overdraft transfer fee of $10,

  • and an extended overdraft penalty fee of $25 every seventh day the account is overdrawn.