Foster City, CA/August 08, 2011/PRWEB: MoneyRates.com's semiannual Bank Fee Survey found that the percentage of free checking accounts in the survey declined slightly since January 2011.   

 “Don't give up on free checking,” says Richard Barrington, personal finance expert for MoneyRates.com. “Everyone wants to talk about how it is in decline, but over a third of checking accounts are still offered without monthly fees.”

The Bank Fee Survey found an average of $11.75 for a monthly checking account service fee charged by the surveyed banks. 

Other key findings from the MoneyRates.com's July 2011 report include:

• The percentage of free checking accounts in the survey declined from 37.7% in January to 34.7% in July 2011.

• The average overdraft fee, $28.85, was nearly unchanged from the previous survey.

• The average total fee for using another bank's ATMs rose from $3.06 in January to $3.22 in July, driven by an increase in the portion of the fee charged by the ATM-operating bank.

• The average minimum balance to open an account fell from the January 2011 average of $517.41 to $412.53.

• The average minimum balance to avoid monthly service fees also fell between January and July, from $4,807.11 to $4,122.66.

Methodology

The Bank Fee Survey is updated twice a year using data on checking accounts offered by banks in the MoneyRates Index. The MoneyRates Index is a composite of over 100 banks, including the 50 largest U.S. banks by deposit amount and a similar number of mid-sized banks. This sampling was constructed to be broadly representative of the general banking environment.

About MoneyRates.com

MoneyRates.com has been a leading source of information on bank rates, personal finance, savings accounts and investing since 1999. The site provides the highest rates on certificates of deposit, money market accounts and high-yield savings accounts. MoneyRates.com is owned and operated by QuinStreet, Inc, one of the largest Internet marketing and media companies in the world. \For more information, please visit QuinStreet.com.