In our continued effort to help consumers make smarter banking decisions, MyBankTracker is excited to introduce product and bank fees to each of our individual product pages.
While it’s common to choose your next checking or savings product by comparing the best return for your dollar based on the APY, this is not always the best way to measure whether a particular product is right for you. Visit any deposit account product (CD, Savings, Checking, Money Market) and click the “Learn More” button to review a set of fees and requirements necessary to avoid these fees. As of today, you can review Non-ATM, Overdraft and Stop Payment fees along with many others. To make the experience even more valuable, we have added a national average for each fee we track to show you how that specific bank or product compares to others in our database. MyBankTracker is extremely excited to add this helpful data to the thousands of products we track.
Here’s an example of the individual account fees included on each product page:
As you can see above, this Bank of America checking account requires a $100 minimum balance at the time of opening and requires that you carry a $10,000 balance to avoid the $25 monthly fee. You’d also need to put $10,000 in the account to earn interest. You can compare these fees and minimum balance requirements to the national averages on the right side of the table.
These fees are product-specific, and the fees you see vary depending on whether you’re viewing a checking account page or a CD account page. MyBankTracker includes bank fee information on each product page. This information (displayed below) is constant across all of a bank’s deposit accounts:
Using this table you can evaluate the fees you might face if you chose to open a Bank of America deposit account. As you can see, Bank of America’s accounts come with one pro and a few cons. You won’t face a monthly inactivity fee if you choose to let your funds sit untouched, but all of the other fees are more expensive than the national averages. Even a small fee such as the non-bank ATM fee could add up over time, making this tool an important part of any search for a new bank.
While MyBankTracker is continuing to roll these features out on our home loan and retirement product pages we hope your find this new addition to our deposit account pages helpful.
What do you think? Please let us know in the comments section of this article.