CNNMoney has put together a list of the 8 least-evil banks. What do they mean by least-evil? Since legislation passed not long ago to reign in bank fees and unfair practices, more and more free banking is disappearing and many banks have been implementing all sorts of fees to make up for lost revenue from the new laws. Some banks offer ways to avoid their fees but you have to jump through hoops to figure out how to qualify.
Why is this important? Bank fees can drain your account! You can easily find yourself paying a good amount of money in bank fees every month. According to a Wall Street Journal article (The New Bank Fees: How to Fight Back, June 19, 2010), the average fee for falling below the minimum balance on an interest-bearing account is $12.55 while the average overdraft fee was $29.58. Add to that the fact that banks will be looking to either limit debit card transactions or add fees to the transactions and you can see how it’s getting expensive to bank!