Wednesday, November 11, 2009
(graphic: personalmoneystore.com)
Whether it is credit cards or bank accounts, consumers are enduring higher fees from banks. According to a survey conducted by the Federal Reserve, half of the banks polled said they were increasing interest rates and reducing credit lines, even on credit card accounts held by customers in good standing. About 40% said they were imposing higher fees.
On the checking account front, banks are continuing to raise bounced-check fees, according to Bankrate.com. Such fees have gone up each of the last 11 years, from an average of $21.57 in 1998 to $29.58 in 2009.
Fees for using an ATM card at another bank also continue to rise, leaping 12.6% in 2009 to an average of $2.22 over what it was last year.
-Noel Brinkerhoff
A Squeeze on Customers Ahead of New Rules (by Andrew Martin and Lowell Bergman, New York Times)
Bank Fees Take Flight (by Laura Bruce, Bankrate.com)
Bounced-Check Fees Rise Again (by Laura Bruce, Bankrate.com)
Bank ATM Surcharges Leap (by Laura Bruce, Bankrate.com)
Banks Continue to Punish Credit Card Holders Who Pay On Time (by Noel Brinkerhoff, AllGov)
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