So-called free checking accounts are more expensive than ever, as the lumbering economy and new regulations squeeze bank revenues. …Is it any wonder the situation was so bad for the banks that they had to lie about it?
Banks have raised fees on automatic teller machines, overdrafts and checking accounts for customers who don’t meet new standards tied to account balances or regular deposits. …
The fees come as the banking industry looks to lose more than $10 billion a year in revenue through federal restrictions on debit cards and overdraft policies, according to bank consultants. …
Customer fees are just one way banks are trying to step up profits. Most financial institutions also are cutting costs. Bank of America Corp., BAC -0.60% for example, is seeking to shed 16,000 jobs by the end of the year.
Monday, September 24, 2012
Free Check Facts
Somebody has to pay for "reform":