I am personally among the small percentage of Americans that ensures that I never pay ATM fees, receive interest on my checking account regardless of daily average balance, and never pay overdraft fees.
In order to accomplish this, I have accounts at four different banks (three large banks and an online) and check their balances every day. It is a fight that I have to continually wage to ensure that I do not give those banks an extra penny.
It is bad enough that the interest rates I get from my banks are just a hair above 0% (yes, even most Internet banks are offering really crappy rates right now) with them then loaning that money out to people at well over 10%, 20%, even 30%, but those very banks spend millions and millions of research dollars trying to figure out how to keep more of my money.
I refuse to let them succeed, however. They started the fee wars, but I am determined to defeat them. I wish more Americans were just as resolved.
Perhaps these numbers will help you get started in waging a better war against your bank:
ATM costs are up 33% from 2002 to 2009 vs. 20% cumulative inflation with the average ATM fee up from $2.66 to $3.54.
The average checking account balance in order to begin earning interest was $1866 in 2002, but is $3,372 today.
Overdraft charges at the biggest banks are up 47% in the same period, up from $23.70 to $34.73, on average.
Total fee income from overdrafts at all institutions is up from $25 billion in 2002 to $38.5 billion for 2009.
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