The average cost to US
banks of maintaining a checking account is around $400, according
to a report from consultants Javelin Strategy.

Javelin’s The Cost of
Regulation: The Necessity of Bank Fees report estimates that major
US banks charge almost three times the average fee for basic
current accounts compared to community banks.

The survey also noted
that less than one in ten US current account holders incur
overdrafts on a monthly or more frequent basis.

The upward trend in
checking account and banking transaction fees over the past ten
years across banks of all sizes is borne out by the

US current account
holders now pay around 26% more in basic demand deposit account
 fees and 53% more for returns of deposited items than they
would have in 2002.

Jim Van Dyke, president
of Javelin said in a statement:

“Consumers need to reset
their expectations around fees and services,

 “Larger financial
institutions (FI’s) typically offer 24/7 multichannel convenience,
while community banks and credit unions commonly offer free
checking or lower monthly account fees and more personalised
customer service.

“FI’s can help consumers
understand which specific banking services align with their
financial behaviours to maximise the value of the services they