Yesterday's NY Times article on bank fees
mentioned how the various banks have recently increased their fees. With an increase in federal deposit insurance fees and a decline in revenue, many banks have sought to make up the difference through increases in ATM fees, credit card fees (including credit card charges overseas), account maintenance fees, stop payment fees and overdraft fees. Industry professionals mention the implementation of increased fees is unusual during a recession but that the increased cost of doing business at this time and the increased risk of repayment has caused the increase in fees.
I've been putting off transferring money from my "working account" to my favorite online bank, but I'll do that today. Another thing on my to do list is to compare the various fees on my accounts.
To read the NY Times article in full
Bank Fees Rise as Lenders Try to Offset Losses
By ERIC DASH
Published: July 2, 2009
Some institutions quietly and creatively charge people more to save and spend their own money.
I find it very enlightening to review the history of banking in America and the beginning of credit cards. When these charge cards were first introduced, a vast majority of banks were aghast and loudly protested that promoting spending on credit was unethical. Traditionally, banks had been in the business of promoting savings and fiscal responsibility. They saw these cash cards as anathema to those traditions.... And they were right. Once again, greed wins the day in our capitalist free market economy.ReplyDelete
I agree - greed seems to win out more and more these days - it is behind every decision and no one seems to care for the little guy - the worker bee or consumer.ReplyDelete
Ahhh... Fees. I hate fees. I currently bank at Charles Schwab-no maintenance fees, any ATM fees charged by other banks are refunded, no minimum balance, no fuss, plus they still pay interest. LOVE 'em. =) I work hard for my $. I refuse to pay someone more to "hold" it, than I earn in interest.ReplyDelete