BOSTON – A survey by the Mass. Office of Consumer Affairs and Business Regulation found that Bay State consumers can save money by shopping around for low-cost checking accounts.
The “Lowest/No-Fee Checking Account Survey” examined data from the state’s largest 15 banks for the cost of their least expensive checking accounts.
The survey found that some banks charged no fees or minimum balances, while other institutions charged fees of $10 per month for their lowest-cost accounts. Some banks required no minimum deposit, while others required a $25 to $100 deposit to open an account. Some of the banks required balances ranging from $100 to $1,500 to avoid a monthly maintenance fee.
Fees charged to consumers varied greatly depending on their habits and practices, the survey said. Some banks charged consumers monthly fees for using tellers rather than ATMs. Some charged fees for receiving paper statements.
The full survey is available at www.mass.gov/ocabr/docs/