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Have you encountered any of the new bank fees? New ones they are making up to replace the old outlawed ones ...

In response to new regulations, banks are carefully guarding one of their most reliable profit streams: the fees they charge customers for basic banking services. And this may mean a wave of new penalties and fees for consumers, the Wall Street Journal reports.

As rules under last summer's Dodd-Frank financial reform begin to take shape, banks fear for their card businesses, the Wall Street Journal notes. Banks are considering a new set of debit card fees, in addition to fees on checking accounts. From the WSJ, a partial list:

•Annual fees of up to $30 for people with debit cards.

•Increased ATM fees for non-customers who withdraw money from a bank.

•Penalty fees on checking accounts, imposed if customers fail to maintain a certain balance, or fail to meet a monthly direct deposit minimum. Chase already imposes such fees. Customers of the former Washington Mutual, now owned by JPMorgan Chase, will see these fees next month.

"If you bring us more business, you will get rewarded with better pricing," BofA spokesperson Robert Stickler told the WSJ. The bank has estimated that Dodd-Frank could cost it 80 percent of its debit card revenue, Bloomberg reported.

Consumers already have sufficient cause to resent the nation's big banks. As foreclosed properties cripple the housing market, lenders continue to be mired in a controversy of allegedly botched or faked mortgage documents. Among the biggest mortgage companies, Bank of America has the worst record, with just 21 percent of its eligible borrowers granted permanent mortgage modifications.


Asked by tasches at 2:31 PM on Jan. 5, 2011 in Money & Work

Level 48 (298,202 Credits)
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Answers (5)
  • And this is why I know people who have a savings account only and just cash their for everything with cash....the fees are crazy.

    Answer by Shelii at 2:38 PM on Jan. 5, 2011

  • i know my bank charges on value checking accounts. u have to have at least 3.00 in that account or they charge u. i use that account for my mortage only so i have to make sure theres at least 5.00 in there so when they take there 3.00 a month out i dont get waked with a fee from being over drawn. i think its stupid.

    Answer by tabbys4 at 2:40 PM on Jan. 5, 2011

  • Yep, and according to my Hubby who works for Wells Fargo/Wachovia...even things like Cashing a check will be 5.00 per check...we already have services cycle charges and atm fees, and unless you have things like Crown accounts with major minimums in them, it will affect everyone at any bank.

    Answer by Happymom2-2 at 2:59 PM on Jan. 5, 2011

  • Not yet. But we're at a credit union and they aren't really big on fees.

    Answer by Erica_Smerica at 3:28 PM on Jan. 5, 2011

  • No, I don't get hit with any fees. Of course, I only use my banks MAC so I skip that one.

    Answer by Candi1024 at 3:37 PM on Jan. 5, 2011