NEW YORK — A growing number of bank customers say they are being hit with new monthly fees for services that were once free, a shift that is fueling frustration and raising concerns about transparency and affordability in everyday banking, according to a new report.
According to the report by SavingsAdvice.com, banks are increasingly adding charges with little fanfare, often tying fee waivers to stricter requirements. Financial institutions say the changes reflect rising operating costs and investments in digital infrastructure, but customers say the fees are appearing with little warning.
SavingsAdvice.com said one area seeing renewed charges is basic checking accounts.
“Some banks are testing monthly maintenance fees even on entry-level accounts, which historically were marketed as low-cost or no-fee options,” the report stated. “Waivers may now require higher minimum balances, direct deposit or a set number of monthly transactions. Customers who fail to meet those thresholds can face unexpected charges, making basic banking less accessible for lower-income consumers.”
Changes in OD Protection
Meanwhile, SavingsAdvice.com cautioned consumers that overdraft protection is another service undergoing changes. While many banks eliminated or reduced overdraft penalties in recent years, some are now testing monthly fees for linking accounts or enabling overdraft transfers — even if the service is never used.
“Banks say the systems require ongoing resources to maintain, while customers argue they are being charged simply for having a safeguard in place,” SavingsAdvice.com stated.
Other Areas Seeing Fee Increases
Other areas also seeing increased fees, according to SavingsAdvice.com:
Paper Statements
Paper statements are also increasingly becoming a paid option. Some banks now charge customers who receive statements by mail, citing environmental goals and the cost of printing and postage, SavingsAdvice.com said, adding that customers who prefer paper statements say the fees add up over time, particularly when they are automatically enrolled without realizing it.
ATM Fees
ATM access is another pressure point, according to SavingsAdvice.com. it noted that in addition to per-transaction fees for out-of-network withdrawals, some banks are testing monthly charges tied to outside ATM use, even for customers who rarely rely on them. Banks say the fees help offset network costs, while consumers see them as duplicative.
Digital Services
“Digital services are not immune” to fees, DigitalAdvice stated.
“Some banks are experimenting with fees for mobile banking features such as mobile check deposits or expedited transfers after a limited number of free uses,” the report noted. “Customers who rely heavily on mobile tools may see higher costs if they exceed monthly limits without realizing it.”
Customer Service
Customer service is also becoming a premium feature at some institutions, the report added.
“A handful of banks are testing fees for phone support or priority service with a live representative, encouraging customers to use automated or digital channels instead,” SavingsAevice.com said.
Other Fees
SavingsAdvice.com further cautioned that traditional services such as safe deposit boxes are becoming more expensive, with some banks raising rental fees or adding maintenance charges that increase over time.
