Big banks hit customers with higher fees, and more of them

[The Straight Story]

Big banks hit customers with higher fees, and more of them

The nation's biggest banks are increasing many of their fees, adding new ones, eliminating debit card rewards programs and making it harder for customers to avoid paying monthly charges for checking accounts.

Banks say they don't want to raise fees but they are losing revenue from new regulations.

On May 24, Bank of America will raise the monthly fee on its most popular checking account from $8.95 to $12. On June 27, it will start charging customers a $35 fee if they overdraw their account by less than $10. And next year, the bank plans to replace its basic checking account with a new "essentials" account that comes with a monthly fee that cannot be avoided.

At Chase Bank, fees have increased for overdraft transfers, outgoing wire transfers and stopped payments. New customers that sign up for a basic checking account face a $12 monthly charge, up from $6.

Experts warn consumers to expect more of these and other moves by large banks to boost revenue. "Services that used to be free will not be free," said Greg McBride, senior financial analyst at Bankrate.com, a financial information publisher. "There is very definitely a pocketbook impact on consumers."

http://www.usatoday.com/money/industries/banking/2011-05-15-bank-fees_n.htm

[Uben]

1. and once they lose a few million customers......

...waaaaahhhhhhh! We need a bail-out...or a handout. We have politicans to pay!

[Vinnie From Indy]

2. Move your money to a credit union

Tell your friends, family and workers. Starve the beast.

[canoeist52]

3. I wonder which of the "new regulations" is working.

So that we can do more of the same.