Bounced Check Fees Rise: The average fee...

Bounced Check Fees Rise: The average fee banks charge for bounced checks has risen 15% over the last three years to nearly $20 per check, according to a new study by Bank Rate Monitor, a Florida firm that tracks fees and interest rates. The study of 120 banks conducted last month shows that consumers on average pay $19.92 every time they bounce a check, compared to $17.31 in 1991. The penalties are even higher when banks pay the check to keep it from bouncing. Many banks charge customers a separate fee that is often equally as steep as the first fee if they make good on the rubber checks. The amount banks charge varies widely by region, the study found. The highest fees were charged by Philadelphia banks, which sock customers an average of $29.10 for overcharging their accounts. Banks in San Francisco charge the least, assessing on average an $11.85 fee.