Banks	Credit Unions
Checking Account Summary	Checking Account Summary
ATM Fee Summary	ATM Fee Summary
Other fees	Other fees
Data Comparisons	Data Comparisons

Conclusion

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About the Survey

In March 2001, the Department of Banking and Insurance conducted its third survey of financial institutions in New Jersey to determine what fees were being charged to consumers. The results of the new survey are now compiled in this Consumer Guide to Bank and Credit Union Fees. The third edition of the Consumer Guide includes fees charged by 164 banking institutions with 792 listed types of consumer checking accounts and 59 credit unions with 74 listed types of consumer checking (share draft) accounts.

While 189 banking institutions were surveyed, the results from 25 of them were omitted from this report because their primary function involves trust services, private banking, securities clearing or other wholesale operations. While 320 credit unions were surveyed, the results from 261 of them were omitted from this report because they either did not respond (191) or they do not offer checking (share draft) accounts (70).

Other types of accounts, such as business checking accounts, and accounts with high minimum balances ($10,000 and up) and savings accounts were excluded from this Consumer Guide because they are not considered broad-based checking accounts. Additionally, accounts designed to attract specific target consumer-oriented markets (other than those designed for senior citizens) and those that offer unique services not available to everyone were excluded from this report, as was information relating to ATMs that are not owned and operated for financial institutions.

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Banking Institutions

(Commercial Banks, Savings Banks and Savings And Loan Associations)
The following points summarize the results of this survey for banking institutions (It should be noted that the 2000 and the March 2001 survey included 765 and 792 reported accounts, respectively. Furthermore, like data was utilized where comparisons were made between the 2000 and March 2001 survey information):

Checking Account Summary (Banks)

• The minimum balance to open a checking account for the accounts in the survey varies from $0 to $9,999.99. The low amount is unchanged and other than 1 account the high amount is $5,000, the high amount in the 2000 survey. Approximately 56 percent of the accounts (443) require $50 (the median amount) or less to open. This is a decrease of 2 percent from the 2000 survey; however, the number of accounts that require $50 or less to open remained unchanged from the 2000 survey.
  
  
• The minimum balance that must be maintained on a monthly basis varies from $0 to $9,999.99. The low amount is unchanged and other than 1 account, the high amount is $7,500, the high amount in the 2000 survey. Approximately 51 percent of the accounts (405) require a monthly minimum balance of $100 or less, and 33 percent of the accounts (263) do not require any minimum balance. The accounts that require a monthly minimum balance of $100 or less and the accounts that do not require any minimum balance to be maintained have both decreased by 1 percent from the 2000 survey. However, the number of accounts that require a monthly minimum balance of $100 or less increased from 396 in the 2000 survey to the current 405. In addition, the number of accounts that do not require a minimum balance to be maintained increased from 259 in the 2000 survey to the current 263.
  
  
• The monthly service charge, if the minimum balance is maintained, varies from $0 to $20. These amounts are unchanged from the 2000 survey. Only 1 of the 792 accounts has a monthly service charge of more than $10. There are 80 percent of the accounts (634) that do not require a monthly fee as long as the minimum balance is maintained. This is an increase of 1 percent from the 2000 survey, and the number of accounts increased from 602 in the 2000 survey to the current 634. Another 16 percent of the accounts (125) require a fee that is $3 or less. This percentage is unchanged from the 2000 survey. Approximately 96 percent of the accounts (759) either have no monthly fee or a fee of $3 or less. The percent of accounts that have no fees or have a fee of $3 or less increased by 1 percent from the 2000 survey and the number of accounts increased from 726 in the 2000 survey to the current 759.
  
  
• Approximately 71 percent of the banks (116) offer a form of free checking with a minimum balance of $200 or less. This is an increase of 4 percent from the 2000 survey, and the number of banks increased from 106 in the 2000 survey to the current 116. The ratio increases to 98 percent (161) when those banks offering a form of free checking in conjunction with higher minimum balances are included. This is an increase of 1 percent from the 2000 survey, and the number of banks increased from 154 in the 2000 survey to the current 161. In this context, free checking means that there is no monthly fee and some number of checks each month with no per check fee charge when the minimum balance is maintained
  

ATM Fee Summary (Banks)

The table includes all ATM fees for on-premise and off-premise ATMs owned by banking institutions. However, ATMs owned by non-financial institutions are not included in the survey because they are privately owned. Therefore, surcharge fees charged at these privately owned machines are not reflected in the enclosed table. It should be noted that there were 157 banking institutions that offered ATM services to their customers and 150 that operated ATMs, as reported in the 2000 survey. The current reporting shows that 160 banking institutions offer ATM services to their customers and 154 operate ATMs.

• Of the 160 banking institutions that offer ATM services, 84 percent (134 banks) do not impose a monthly or annual service charge. This is an increase of 2 percent from the 2000 survey, and the number of banks increased from 128 in the 2000 survey to the current 134. Of the 154 banks that operate ATMs, 96 percent (148) do not impose transaction fees on the use of the bank's ATM card at its own ATMs. The percentage of banks that do not impose transaction fees on the use of the banks ATM card at its own ATMs is unchanged from the 2000 survey; however, the number of banks increased from 144 to the current 148.
  
  
• Approximately 49 percent of the banks (79) do not impose a charge on their customers when they use an ATM owned by another institution. This is a decrease of 1 percent from the 2000 survey; however, the number of banks increased from 78 to the current 79. Of the approximately 51 percent (81 banks) that do impose such a charge, 52 percent (42 banks) impose a $1 charge and 35 percent (28 banks) charge less than $1. The percentage of institutions that charge $1 is unchanged from the 2000 survey and the institutions that charge less than $1 decreased by 2 percent from the 2000 survey. Banking institutions that charge $1 increased by 1 and those that charge less than $1 decreased by 1 from the 2000 survey. The highest fee for customer usage of another institution's ATM is reported at $1.50. This represents a decrease of 50 cents from the 2000 survey.
  
  
• Approximately 96 percent of the banks (148) impose a surcharge on non-customers who use their ATMs. This is a decrease of 1 percent from the 2000 survey, and includes 3 additional banking institutions. The most common surcharge is $1.50, and the second-most common surcharge is $1.00. Of the 154 banks that operate ATMs, 46 percent (71 banks) impose a $1.50 surcharge, while 39 percent (60 banks) impose a $1.00 surcharge. The most common and second-most common surcharge amounts in the 2000 survey were $1.00 and $1.50, respectfully. The banks that impose a $1.00 surcharge decreased 5 percent and the banks that impose a $1.50 surcharge increased 3 percent. Banking institutions that impose a $1.00 surcharge decreased by 6 and those that impose a $1.50 surcharge increased by 7. The highest surcharge fee for non-customer usage of ATMs reported by a banking institution is $2.50. This is unchanged from the 2000 survey; however, only one banking institution imposes the $2.50 surcharge at 25 ATMs out of a total of 10,382 ATMs reported.
  
  
• Several banking institutions indicated varying ATM surcharges based on the machine's locations. Generally, lower surcharges were for ATMs located at or within the banking institution, while higher charges were for ATMs at off-site locations.
  

Other fees (Banks)

• Other fees imposed by banks show the overdraft charge varies from $5 to $35. These amounts varied from $0 to $35 in the 2000 survey. The most common overdraft charge of $25 was applicable to 31 percent of the accounts (248). This percentage is unchanged from the 2000 survey, and the number of accounts increased from 240 in the 2000 survey to the current 248.
  
  
• The stop-payment charge varies from $0 to $35, with most charges varying from $15 to $20. These amounts are unchanged from the 2000 survey.
  

  CONSUMER GUIDE TO BANK FEES
  DATA COMPARISONS

  Description	2000 Survey		March 2001 Survey		Number/ Percentage Change
  Total Number of Accounts	765		792		+27
  Total Number of Banks	158		164		+6
  Accounts with minimum balance to open of $50 or less. Percentage	443 58%		443 56%		0 -2%
  Accounts that require a minimum balance of $100 or less be maintained. Percentage	396 52%		405 51%		+9 -1%
  Accounts that do not require a minimum balance be maintained. Percentage	259 34%		263 33%		+4 -1%
  Accounts that require a fee of more than $10 if the minimum balance is maintained.	2		1		-1
  Accounts with no monthly fee if minimum balance is maintained. Percentage	602 79%		634 80%		+32 +1%
  Accounts with no monthly fee or a fee of $3 or less. Percentage	726 95%		759 96%		+33 +1%
  Banks that offer a form of free checking with a minimum balance of $200 or less. Percentage	106 67%		116 71%		+10 +4%
  Banks that offer a form of free checking when higher minimum balance requirements are considered. Percentage	154 97%		161 98%		+7 +1%
  Banks that offers ATM services to customers.	157		160		+3
  Banks that operate their own ATMs.	150		154		+4
  Banks that do not impose a monthly/annual fee for ATM services. Percentage	128 82%		134 84%		+6 +2%
  Banks that do not impose a transaction fee on their customer for the use of its own ATMs. Percentage	144 96%		148 96%		+4 0
  Banks that do not impose a charge on customer when they use an ATM owned by another institution. Percentage	78 50%		79 49%		+1 -1%
  Banks that charge their customer a fee of $1 to use an ATM at another institution. Percentage	41 52%		42 52%		+1 0
  Banks that charge their customer a fee of less than $1 to use an ATM at another institution. Percentage	29 37%		28 35%		-1 -2%
  Banks that charge their customer a fee of $2 to use an ATM at another institution.	1		0		-1
  Banks that impose a surcharge on non-customers that use their ATMs. Percentage	145 97%		148 96%		+3 -1%
  Banks that impose a surcharge of $1 on non-customers that use their ATMs. Percentage	66 44%		60 39%		-6 -5%
  Banks that impose a surcharge of $1.50 on non-customers that use their ATMs. Percentage	64 43%		71 46%		+7 +3%
  Banks that impose a surcharge of $2.50 on non-customers that use their ATMs. The $2.50 surcharge imposed at ATMs: Total ATMs reported:	2 26 10,221		1 25 10,382		-1 -1 +161
  Accounts that impose and overdraft fee of $25. Percentage	240 31%		248 31%		+8 0

  
  

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Credit Unions

The following points summarize the results of this survey for credit unions (the 2000 and the March 2001 survey included 92 and 74 reported accounts, respectively. Furthermore, like data was utilized where comparisons were made between the 2000 and March 2001 survey information). It should be noted that deposits in credit unions are limited to their field of membership and restrictions on the field of membership do exist:

Checking Account Summary (Credit Unions)

• The minimum balance to open a checking (share draft) account, for the accounts in the survey, varies from $0 to $5,000. With the exception of 1 account at $5,000, all other accounts vary from $0 and $2,000. The 2000 survey varied from $0 to $2,500. Approximately 88 percent of the accounts (65) require $50 or less to open. This is an increase of 2 percent from the 2000 survey.
  
  
• The minimum balance that must be maintained on a monthly basis varies from $0 to $5,000. With the exception of 1 account at $5,000, all other accounts vary from $0 to $2,000. The 2000 survey varied from $0 to $2,500. Approximately 61 percent of the accounts (45) do not require a minimum balance to be maintained, and 84 percent of the accounts (62) require a minimum balance of $100 or less to be maintained. The accounts that do not require a minimum balance decreased by 4 percent and the percent of accounts that require a minimum balance of $100 or less is unchanged from the 2000 survey.
  
  
• The monthly service charge if the minimum balance is maintained varies from $0 to $5. This is unchanged from the 2000 survey. Approximately 93 percent of the accounts (69) do not require a monthly fee as long as the minimum balance is maintained. This is an increase of 1 percent from the 2000 survey. Another 3 percent of the accounts (2) require a regular monthly fee that is $3 or less. This percentage is unchanged from the 2000 survey. In other words, approximately 96 percent of the accounts (71) either have no monthly fee or have a fee of $3 or less. This percentage is unchanged from the 2000 survey.
  
  
• Approximately 92 percent of the credit union's (54) offer a form of free checking (share draft) account with a minimum balance of $200 or less. This is an increase of 1 percent from the 2000 survey. The ratio increases to 98 percent of credit unions (58) when those offering a form of free checking (share draft) accounts in conjunction with higher minimum balances are included. This is an increase of 2 percent from the 2000 survey. In this context, free checking means that there is no monthly fee and some number of checks each month with no per-check fee charge when the minimum balance is maintained.
  

ATM Fee Summary (Credit Unions)

The table includes all ATM fees for on-premise and off-premise ATMs owned by credit unions. As with the table for banking institutions, ATMs owned by non-financial institutions are not included in the survey because they are privately owned. Therefore, surcharge fees by these privately owned machines are not reflected in the enclosed table. It should be noted that there were 52 credit unions that offered ATM services to their customers and 33 that operated ATMs, as reported in the 2000 survey. The current reporting shows that 46 credit unions that offer ATM services to their customers and that 31 operate ATMs.

• Of the 46 credit unions that offer ATM services to their depositors, only 31 operate their own ATMs. Of the 46 credit unions that offer ATM services, 80 percent of the credit unions (37) do not impose a monthly or annual service charge. This is a decrease of 7 percent from the 2000 survey. Of the 31 that operate ATMs, 90 percent (28) do not impose transaction fees on the use of the credit union's ATM card at its own ATMs. This is a decrease of 1 percent from the 2000 survey.
  
  
• Approximately 50 percent of the credit unions (23) do not impose a charge on customers when they use an ATM owned by another institution. This is an increase 10 percent from the 2000 survey. Of the 50 percent that do impose such a charge, 52 percent (12) impose a $1 charge and 44 percent (10) charge less than $1. The 52 percent for the $1 charge is unchanged from the 2000 survey and those with a less than $1 charge decreased by 1 percent. The highest fee for customer usage of an another institution's ATM is reported at $2.00. This is an increase of $.75 from the 2000 survey; however, this $2.00 charge is only at one credit union and all others charge $1.00 or less.
  
  
• Of the 31 credit unions that operate ATMs, 77 percent (24) impose a surcharge on non-customers who use their ATMs. This is an increase of 13 percent from the 2000 survey. The most common surcharge is $1 and the second-most common surcharge is $1.50. Of the 31 credit unions that operate ATMs, 52 percent (16) impose a $1 surcharge, and 19 percent (6) impose a $1.50 surcharge. This is an increase of 10 percent for the $1.00 charge and 4 percent for the $1.50 charge from the 2000 survey. The highest surcharge fee for non-customer usage of ATMs reported by a credit union is $1.50. This is unchanged from the 2000 survey.
  

Other fees (Credit Unions)

• Other fees imposed by credit unions show that the overdraft charge varies from $0 to $30. With the exception of two accounts at $30, the overdraft charge varies from $0 to $25 (the same amounts in the 2000 survey). The most common overdraft charge of $25 was applicable to 35 percent of the accounts (26). This is an increase of 7 percent from the 2000 survey.
  
  
• The stop-payment charge varies from $0 to $25. This charge varied from $3.50 to $25 in the 2000 survey. Most fees are in the range of $5 to $15. This is unchanged from the 2000 survey.

CONSUMER GUIDE TO CREDIT UNION FEES
DATA COMPARISONS

Description	2000 Survey		March 2001 Survey		Number/ Percentage Change
Total Number of Accounts	92		74		-18
Total Number of Credit Unions	68		59		-9
Accounts with minimum balance to open of $50 or less. Percentage	79 86%		65 88%		-14 +2%
Accounts that require a minimum balance of $100 or less be maintained. Percentage	77 84%		62 84%		-15 0
Accounts that do not require a minimum balance be maintained. Percentage	60 65%		45 61%		-15 -4%
Accounts with no monthly fee if minimum balance is maintained. Percentage	85 92%		69 93%		-16 +1%
Accounts with a fee of $3 or less if minimum balance is maintained. Percentage	3 3%		2 3%		-1 0
Accounts with no monthly fee or a fee of $3 or less. Percentage	88 96%		71 96%		-17 0
Credit Unions that offer a form of free checking with a minimum balance of $200 or less. Percentage	62 91%		54 92%		-8 +1%
Credit Unions that offer a form of free checking when higher minimum balance requirements are considered. Percentage	65 96%		58 98%		-7 +2%
Credit Unions that offer ATM services to customers.	52		46		-6
Credit Unions that operate their own ATMs.	33		31		-2
Credit Unions that do not impose a monthly/annual fee for ATM services. Percentage	45 87%		37 80%		-8 -7%
Credit Unions that do not impose a transaction fee on their customer for the use of its own ATMs. Percentage	30 91%		28 90%		-2 -1%
Credit Unions that do not impose a charge on customer when they use an ATM owned by another institution. Percentage	21 40%		23 50%		+2 -10%
Credit Unions that charge their customer a fee of $1 to use an ATM at another institution. Percentage	16 52%		12 52%		-4 0
Credit Unions that charge their customer a fee of less than $1 to use an ATM at another institution. Percentage	14 45%		10 44%		-4 -1%
Credit Unions that charge their customer a fee of $2 to use an ATM at another institution.	0		1		+1
Credit Unions that impose a surcharge on non-customers that use their ATMs Percentage	21 64%		24 77%		+3 +13%
Credit Unions that impose a surcharge of $1 on non-customers that use their ATMs. Percentage	14 42%		16 52%		+2 +10%
Credit Unions that impose a surcharge of $1.50 on non-customers that use their ATMs Percentage	5 15%		6 19%		+1 +4%
Accounts that impose and overdraft fee of $25. Percentage	26 28%		26 35%		0 +7%

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Conclusion

This survey shows, as did the 2000 survey, that there are a significant number of accounts available to consumers with low minimum-balance requirements and low monthly fees. A consumer who does not overdraw his/her account or require a significant number of stop payments and who uses the institution's own ATM system would have significantly lower costs for financial institution services than someone who overdraws and uses another institution's ATMs on a more frequent basis.

When compared with the 2000 survey, this survey shows that fees associated with consumer checking accounts at banking institutions have remained fairly level. While some of the percentages for credit unions showed large fluctuations, this is attributable to the fewer credit unions that responded with a lower number of accounts than in the 2000 survey. However, the overall trend for credit unions also remained fairly level.