Banking Law

You wouldn't known it by reading the main stream media, which feasts on sad tales of consumers being gouged by evil banks at every turn (some of which are, indeed, sad tales), but as Fierce Spirits points out, a recent ABA survey found that 53% of customers pay no fees on their bank accounts, while another 14% pay $3 or less a month in fees. It's inconvenient when the facts get in the way of rip-roaring prejudices, but there you have it.

It doesn't lessen the irritation at the overdraft fee kerfluffle, but its always useful to put things in perspective. Big banks may be hosing (or "justifiably charging," depending upon your viewpoint) a minority of customers with beaucoup fees, but most customers seem to be managing their accounts without paying much (if anything).

The blog's author lists the follow "common sense" methods suggested by the ABA for keeping your fees low:

• Free Checking and Savings Accounts ? Most banks offer them.
• ATM Machines ? Avoid fees by using your own bank?s ATM.
• Direct Deposit ? Many checking accounts are free when your paycheck is automatically deposited each month.
• Minimum Balance ? Keep at least the minimum balance in your account.
• Don?t Overdraw ? Keep track of transactions and account balances to avoid bounced check fees.
• Email or Text Alerts ? Ask for an automatic alert when your balance falls below a certain level.