We all need a checking account. It is an account from which money comes and goes; we use it to deposit our paychecks, pay our bills, send money to our friends and so on. In return for the convenience of having a checking account, the bank either charges us a monthly maintenance fee, or if our balance is over a minimum, waives the maintenance fee and re-invests our money for their own benefit.
We studied data on individual checking account balances and, unsurprisingly, there is wide variation in how much money people keep in checking accounts. On one hand, there are the 30 million households that have balances of less than $1,000 dollars. And on the other extreme are the 200 households who keep more than $20,000,000 in their checking account.
How does your checking account balance rank relative to your age group? How much money are the banks making off of you? Take this short quiz to find out: