By MyBankTracker  Tue Jan 22, 2013

Sovereign Bank to Charge New Checking Account Fee, ATM Fees

Sovereign Bank plans to change fees on a checking account, on extended overdrafts and on non-Sovereign Bank ATM transactions starting Feb. 1, 2013, according to an updated fee schedule.

The Classic Checking account will have a $10 monthly fee unless the customer posts $500 in total direct deposits or maintain an average daily balance of at least $750. Currently, the monthly is $5, which can be avoided with $500 average daily balance.

The extended overdraft fees for savings and money market accounts will change from $5 per day (starting on the sixth day) to $35 on the sixth day.

Additionally, Sovereign Bank will introduce fees for non-Sovereign Bank ATM withdrawals for Preferred Money Market Savings ($3) and Student Checking and Savings ($2) accounts. Non-Sovereign Bank ATM balance inquiries will cost $2.

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