GITNUX MARKETDATA REPORT 2024

Checking Account Limit Statistics

Checking account limit statistics provide information on the average maximum amount that can be held in a checking account.

Last Updated: June 23, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we explore key statistics related to checking accounts in the United States, shedding light on various aspects such as deposit limits, fees, usage trends, and financial behaviors of account holders. From the average monthly fee to the prevalence of digital banking, these insights provide a comprehensive overview of the landscape surrounding checking accounts in today’s financial world.

Statistic 1

"Most U.S. banks do not have a limit on the amount of money that you can deposit in a standard checking account."

Statistic 2

"Customers who deposit more than $10,000 in cash into a checking account must be reported to the IRS by the bank."

Statistic 3

"More than 75% of the times, banks limit daily debit card withdrawals to $500 per day."

Statistic 4

"The average monthly fee for a basic checking account at a top bank in the U.S. is around $10."

Statistic 5

"About 64% of Americans have a checking account at a digital bank."

Statistic 6

"The average American checking account holder keeps more than $3,000 in their account."

Statistic 7

"For transactions over $5,000, most banks require ID confirmation."

Statistic 8

"Only 47% of Americans have more than three months' worth of expenses saved in their checking accounts."

Statistic 9

"Overdraft coverage typically allows you to withdraw up to $500 beyond what's in your account."

Statistic 10

"In 2020, overdraft fees cost American consumers $12.4 billion."

Statistic 11

"38% of banks offer promotions for setting up a new checking account."

Statistic 12

"Higher net worth individuals may find "premium" checking accounts that require minimum balances of $10,000 or more."

Statistic 13

"25% of U.S. households pay almost $800 a year in checking account maintenance fees."

Statistic 14

"Around 50% of Americans with checking accounts have used mobile check deposit."

Statistic 15

"The median weekly inflows to checking accounts rose by 10% in early 2021 as compared to 2020."

Statistic 16

"78% of people reported using a checking account for everyday transactions."

In conclusion, the statistics reveal that the majority of U.S. banks do not impose a limit on deposits into standard checking accounts, while significant thresholds trigger reporting to the IRS. Daily debit card withdrawal limits are commonly set at $500, and average monthly fees for basic checking accounts sit at around $10. A substantial portion of Americans utilize digital banks for their checking needs, with an average account balance exceeding $3,000. ID verification is typically required for transactions over $5,000, though a considerable percentage of the population lacks sufficient emergency savings. Overdraft coverage allows for withdrawals beyond account balances, contributing to significant consumer costs in overdraft fees. The data also highlights the prevalence of checking account maintenance fees and the increasing adoption of mobile check deposit among account holders. Despite varying account features and fee structures, checking accounts remain a staple for the majority of people to facilitate daily transactions and manage finances.