Free Checking Accounts Inch Toward Extinction As Cost Of Banking Rises

(USA) If free checking accounts were animals, they'd be on the World Wildlife Fund's list of endangered species.

According to a new survey from Bankrate.com, only 39 percent of banks today offer non-interest checking accounts free of charge on a stand-alone basis, down from 45 percent of banks last year and 76 percent in 2009. Bankrate recently surveyed 247 banks in 25 cities across the United States.

As banks continue to search for new ways to boost profits as regulation, low interest rates and a sluggish economy have put the brakes on making easy money, consumers are getting slammed with higher ATM and overdraft fees.

The survey showed that ATM fees have inched up over the last year; the average cost a bank charges a non-customer is $2.50, though in many metropolitan areas it's even higher. Denver has the highest average ATM surcharges in the country, with banks dinging non-bank customers $2.80 on average, according to the survey. Overdraft fees also continue to creep up, rising 1.4 percent from last year for an average cost of $31.26.