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32. 1997 Economic Census





807. Retail Fees and Services of Banks

[In dollars, except as noted. Data for 1996 as of November or December; 1997 and 1998 data as of June. For most services, fees are reported in terms of (1) the proportion of those banks offering a service that charge for the service and (2) the average fee charged by the institutions that charge for the service. Based on a random sample of depository institutions belonging to the Bank Insurance Fund, whose members are predominantly commercial banks]

 
TYPE OF
ACCOUNT 1996 1997 1998
OR SERVICE
 
NONINTEREST CHECKING ACCOUNT
 
Percent offering 97.8 98.7 98.5
 
Single-balance, single-fee account: 1
  Percent offering 32.9 39.3 35.6
  Monthly fee (low balance) 6.34 6.09 6.43
  Minimum balance to avoid fee 480 479 499
  Minimum balance to open 123 124 115
 
Fee-only account: 2
  Percent offering 34.2 33.3 36.3
  Monthly fee (low balance) 5.02 4.49 4.73
  Check charge:
    Percent charging 45.8 32.4 45.0
    Average 0.34 0.38 0.40
  Minimum balance to open 82 61 76
 
Free account: 3
  Percent offering 8.7 3.0 17.3
  Minimum balance to open 62.71 (NA) 43
 
NOW ACCOUNTS 4
 
Percent offering 97.3 97.6 94.3
 
Single-fee account: 1
  Percent offering 44.0 56.7 50.8
  Monthly fee (low balance) 8.11 7.81 8.07
  Minimum balance to avoid fee 1,079 1,052 1,109
  Minimum balance to open 654 663 616
 
Single-fee, single-check-charge account: 5
  Percent offering 22.7 16.8 15.8
  Monthly fee (low balance) 6.30 6.87 6.30
  Check charge 0.21 0.21 0.21
  Minimum balance to avoid fee 1,103 1,057 1,071
  Minimum balance to open 722 701 724
 
SAVINGS ACCOUNTS
 
Simple passbook account: 6
  Percent offering 36.1 32.0 32.6
  Monthly fee (low balance) 1.46 1.80 1.72
  Minimum balance to avoid fee 136 134 144
  Minimum balance to open 88 88 88
 
No-fee passbook account:
  Percent offering 29.2 26.5 28.2
  Minimum balance to open 34 25 41
 
Simple statement account:
  Percent offering 43.9 39.1 43.2
  Monthly fee (low balance) 1.97 2.18 2.25
  Minimum balance to avoid fee 190 174 197
  Minimum balance to open 138 106 108
 
No-fee statement account:
  Percent offering 14.8 16.1 15.1
  Minimum balance to open 50 203 44
 
AUTOMATED TELLER MACHINES (ATMs)
 
Percent offering 72.9 79.4 86.5
 
Annual fee:
  Percent charging 13.4 16.7 15.1
  Average 7.94 11.51 13.11
 
Card fee:
  Percent charging 10.0 6.2 5.4
  Average 4.89 3.88 4.56
 
Fees for customer transactions on us: 7
  Withdrawals:
    Percent charging 6.8 7.4 6.4
    Average 0.59 0.65 0.68
  Deposits:
    Percent charging 2.1 3.3 5.2
    Average (NA) (NA) 0.71
  Balance inquiries:
    Percent charging 4.4 6.7 5.7
    Average 0.70 0.65 0.67
 
Fees for customer transactions on others: 7
  Withdrawals:
    Percent charging 79.8 67.0 74.4
    Average 1.10 1.06 1.10
  Deposits:
    Percent charging 64.7 56.8 70.7
    Average 1.08 1.03 1.10
  Balance inquiries:
    Percent charging 64.7 55.2 63.2
    Average 1.03 0.99 1.05
 
Surcharge: 8
  Percent charging 44.8 60.1 77.9
  Average 1.19 1.14 1.20


NA Not available.
1 A monthly fee for balances below the minimum, no monthly fee for balances above the minimum, and no other charges.
2 A monthly fee, no minimum balance to eliminate the fee, and a charge per check in some cases.
3 No monthly fee or per-check fee, although a charge may be imposed for check printing.
4 NOW (negotiable order of withdrawal) accounts are checking accounts that pay interest and often have fee structures that differ from those of noninterest checking accounts.
5 A monthly fee and a check charge for balances below the minimum and no monthly fee or other charges for balances above the minimum.
6 A monthly fee for balances below the minimum and no fee for balances above the minimum.
7 An institution's "customer" is one who has an account at the institution. A customer's ATM transactions in which the machine used is that of the customer's institution are called "on us"; a customer's transactions in which the machine used is that of another institution are called "on others".
8 An ATM surcharge is a fee imposed by the ATM's institution, typically on every transaction by the machine's noncustomer users.

Source: Board of Governors of the Federal Reserve Systems, Annual Report to the Congress on Retail Fees and Services of Depository Institutions, June 1998 and June 1999.

http://www.federalreserve.gov/rnd.htm



https://allcountries.org/uscensus/807_retail_fees_and_services_of_banks.html

These tables are based on figures supplied by the United States Census Bureau, U.S. Department of Commerce and are subject to revision by the Census Bureau.

Copyright © 2006 Photius Coutsoukis and Information Technology Associates, all rights reserved.