WalletHub ranks the most and least affordable bank checking accounts for 2014

TAMPA - You work hard to earn your paycheck. However more and more companies are adding fees to take some of that money. 

There are airline baggage fees, credit card swipe fees to retirement account fees. Some banks are even charging fees to speak to a live teller.

You can take action to do something about bank fees. Financial website WalletHub compared sixty-five checking accounts offered by the largest U.S. banks to find the most affordable ones.

WalletHub broke down how people using banks into five characteristics based on a person's usage patterns: Old School, Young & High Tech, Cash-strapped, Average Joe, and International & On-the-Go.

Based on those characteristics, WalletHub ranked all sixty-five checking account for which ones would cost an account holder more money in 2014.

With the average checking account costs ranging between zero and $700, it is important to know which one might be right for you.

WalletHub found the top five most affordable banks in 2014 are:

  • 1. USAA
  • 2. Capital One
  • 3. Union Bank
  • 4. Santander
  • 5. Citibank

The least affordable banks are:

  • 21. RBS Citizens
  • 22. SunTrust
  • 23. Comerica
  • 24. Fifth Third
  • 25. M&T Bank

Because WalletHub only looked at the biggest U.S. banks, there may be a checking account at a credit union or local bank that is a better deal. Plus, each account may not be suitable for your banking characteristic.

Here are five tips WalletHub is offering to help you identify the best checking account for you:

#1 Evaluate your practical needs: Consider what you will need from an account to eliminate those that offer services you will not need. Sometimes unneeded additional services will make you incure extra fees.

#2 Cast a wide net: When searching for a checking account do not discount any type of bank because of preconceived notions. The best account for you may be at a bank you would otherwise not do business with.

#3 Ignore debit card rewards: While you will probably love any bonuses you receive for using your debt card, you should choose a specific account based on the rewards offered. This is because reward offers can change and credit card rewards are usually more lucrative.

#4 Carefuly review account terms: Account terms will be listed in legal terms, but reading them carefully will allow you to spot fees you might otherwise be unaware of.

#5 Supplement other accounts: A checking account will allow you to receive direct deposit. However, you cannot use a checking account for everything. By supplementing your checking account with an attractive savings or credit card account, you can make your money work harder for you.

To see how your bank ranked or for more details on this report, visit wallethub.com/edu/2014-checking-account-cost-comparison-report/6269/ .

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