Balked on debit charges, banks raise other fees
Big banks are trying to stick it to you one way or the other. Watch your statement. If new fees start showing up, fire them. Find a new bank. From the NYT:
Even the much-maligned debit usage charges have effectively been bundled into higher monthly fees on checking accounts. Bank of America abandoned its $5 a month debit card usage fee in late October amid a firestorm of criticism. Yet, it more quietly raised the cost of its basic MyAccess checking account by more than $3 a month earlier this year. Monthly maintenance fees now run $12 a month, up from $8.95.
Chase and Citigroup, which quickly distanced themselves from the debit card usage fee, ratcheted up the price of their entry-level checking products without the public relations nightmare. This month, Citigroup’s basic checking account jumped to $10 a month, up from $8. Chase raised the fee on its standard checking account to $12 a month in February; many of those customers were previously charged nothing at all.
This is from a February 13 Hancock column on bank fees:
It was the fee for confirming her balance that prompted her to write a letter to top bank officials. She needed the account information on bank stationery for her daughter's financial-aid application for college.
That'll be $25, said the branch folks.
"I've been with this bank since it was Union Trust," Foreman remembers saying, after she objected to the fee.
"Well, I'm a Wells Fargo employee, and you have to give me $25," replied a branch staffer, according to Foreman.
Whether or not this depicts the future of American banking depends on you, the customer. It certainly has the potential.