With the average checking account having 30 fees and lacking transparency, WalletHub today released its annual Checking Account Transparency Report to shine the spotlight on checking account fees, which are among the biggest drivers of everyday banking costs, according to the FDIC.
You can find an overview of our key findings below. Also, make sure to check out our 6 Tips for Choosing a Checking Account.
A general lack of uniformity across institutions in terms of checking account fee disclosure form, format and content continues to be present, which makes it difficult for consumers to compare and shop for a checking account.
There are still two banks out of 25 surveyed in 2014, namely USAA and M&T Bank, that do not provide a fee schedule to consumers on the checking account product pages of their websites.
The highest-scoring bank was Capital One, which received 90%.
The lowest-scoring bank was M&T Bank, which received 26.67%.
More information can be found at the financial websites WalletHub.com and CardHub.com.