Higher Fees At Some Banks

Higher Checking Account and ATM Fees

Amplify’d from www.wgal.com

Some Banks Could Start Charging Higher Fees

Consumers Should Educate Themselves, Ask Questions

Consumers should start bracing themselves for higher bank and ATM fees. Two recent reforms that were supposed to help consumers have prompted the higher fees. The first is that banks are no longer allowed to charge overdraft fees on debit card purchases without permission. The second is a drastic reduction in interchange fees on debit cards, which are the fees banks charge merchants to use debit cards. Conservative estimates indicate that banks will lose $10 billion to $12 billion because of the two changes. To make up the difference, banks will start to increase their fees. The bigger banks will lead the way with the new fees, including higher ATM fees for non-customers. Chase bank is already charging $5 in some places. Consumers may also have to pay for any checking account. Bank of America is working on a pilot program that charges customers up to $12 per month based on their banking needs. Once big national banks start charging these fees, smaller local banks may not be far behind. To hold on to their money, consumers should educate themselves and start asking questions of their bank. They should make sure they are aware of what fees they are paying now. Consumers should also pay attention to any pieces of mail or communication from their bank about possible changes. To save on ATM fees, consumers should make sure they get extra cash when making a purchase or get cash only at their bank's ATMs. Read more at www.wgal.com

 

See this Amp at http://amplify.com/u/bvzit