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Overdraft and ATM Fees Rise, As Economy Slumps: Upping overdraft and ATM fees has become the new strategy for many banks caught in the downward economy. Is it worth the bad taste it leaves in consumers' mouths?
- Article from:
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US Banker
- Article date:
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June 1, 2008
- Author:
- Malakian, Anthony
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Consumers are always wary of being nickel-and-dimed to death, and thanks to the current economic malaise, more banks are heading in that direction. Many of the biggest banks are raising fees for ATM usage and overdrafts, which analysts say isnt such a bad idea.
Bank of America recently raised its overdraft fee (also called NSF for non-sufficient funds) to $25 from $20 for the first day, and $35 for each subsequent day. First Horizon raised its NSF fee to $35 from $32. Washington Mutual upped its overdraft to $34 from $32 in most states. Citibank now also is charging a $3 ATM fee for non-customers, as is BofA, which raised its surcharge last July.
Bank of the Sierra, a ...
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Bank fees add up easily, but you can cut costs.
Dallas Morning News (Dallas, TX);
February 7, 2005 ;
787 words
......matter where you bank these days, there are service fees -- and they can easily...accounts at your bank, you can expect to...flexibility with fees. To give away things...such as Compass Bank and Bank of Texas, waive all ATM fees. The banks reimburse...
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Take steps to avoid paying rising bank fees
The Record (Bergen County, NJ);
February 23, 2005 ;
IEVA M. AUGSTUMS, SPECIAL FROM THE DALLAS MORNING NEWS;
669 words
......Take steps to avoid paying rising bank fees -- Relief can start by choosing...of the nation's banks charged fees for non-bank-customer withdrawals, according...convenience will pay for it." To avoid fees, use your own bank's ATMs or those owned by institutions...
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People's Bank boss fumes at fees leak
Sunday Star-Times;
July 8, 2001 ;
ALEXANDER, Miriyana;
787 words
......Act party, reveals specific fees the bank has proposed for savings accounts...customers would face total annual fees of about $105 at the People's Bank - $22 cheaper than nearest...information, insisted the bank's overall fees would be 20 to 30% cheaper...
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Bank fees add up but some can be avoided.
The Dallas Morning News (via Knight-Ridder/Tribune News Service);
February 21, 2005 ;
787 words
......matter where you bank these days, there are service fees _ and they can easily...accounts at your bank, you can expect to...flexibility with fees. (EDITORS: BEGIN...such as Compass Bank and Bank of Texas, waive all ATM fees. The banks reimburse...
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Business plan says Kiwi bank fees could rise _ Shipley
The Press;
February 16, 2001 ;
Matthew Brockett;
551 words
...The Government's proposed Kiwi bank might have to increase its fees if too many poor people joined...bank as a solution to rising bank fees and rural branch closures. But...bank in too large a number ... fees on bank services will have to rise...
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BANK OF AMERICA TO RAISE FEES
The Boston Globe;
March 30, 2006 ;
Bruce Mohl, Globe Staff;
622 words
......periodically review our fees," said Bank of America spokeswoman...to say how much the bank collects in overdraft and returned item fees, or how much revenue...Research Group, said Bank of America's overdraft fees are very high. "Unfortunately...
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The Charges of the Bank Brigade; By Going Small, Customers Can Cut Costly...
The Washington Post;
March 23, 1998 ;
Michelle Singletary;
787 words
......heavily on interest income but they see bank fees as another way to increase revenues...bank. Such charges and other rising bank fees have rankled consumer advocates; they argue that bank fees unfairly penalize low- to moderate-inco...
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Feel better about your bank fees
Sunday Star-Times;
August 5, 2001 ;
SHEERAN, Garry;
768 words
......would drastically reduce or waive bank fees for these groups. Despite that, many...as well as we could explaining why bank fees have loomed so large in recent years...maintain more than covers the cost of bank fees. Which is probably true - if you...
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Rising bank fees have growing impact on bottom line, customers.
Chicago Tribune (via Knight-Ridder/Tribune News Service);
May 10, 2002 ;
787 words
......cash back at the grocery. Bank fees have gone through the roof...the revenue. For decades, bank fees have been growing in number...First Chicago's new parent, Bank One Corp., recently waived all teller fees for customers in one of...
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Keeping Bank Fees to a Minimum
The Washington Post;
May 7, 1995 ;
JANE BRYANT QUINN;
668 words
......higher balances in the bank, pay fees or have their paychecks...information, sit down with a bank employee and say that you can't afford the fees. Banks have many different...you do with the same bank, the better your chance of cutting fees. Watch your debit card...
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Bank fees rise may be last straw for poorer customers
The Press;
March 1, 2000 ;
LOUISSON, Simon;
763 words
...Spiralling bank fees are giving a boost to the plans of Deputy...payment fee charge rises to $20. Spiralling bank fees, profits labelled excessive by banking...businesses," Mr Russell said. He said bank fees could cost low income families $300-$400...
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Academic predicts rise in bank fees
The Press;
November 26, 1998 ;
293 words
...WELLINGTON -- Bank fees could rise by up to 50 per cent...transactions were higher than they cost the bank. Those fees were subsidising other transactions...Spokeswoman Jenny Bridgen said the bank was increasing its fees to cover the costs of new technology...
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Waco, Texas, Bank Bucks Trend toward New and Higher ATM Fees.
Knight Ridder/Tribune Business News;
May 7, 2002 ;
787 words
......of new and higher fees for using automatic...Texas First State Bank charges nothing to...polled are hitting bank customers with fees if they use other bank's ATMs or if non-account...transactions in an account. Fees are becoming pervasive as commercial bank profits skyrocket...
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'Dangerous' proposals could harm banks. Fischer rejects calls to put bank...
Jerusalem Post;
July 16, 2008 ;
SHARON WROBEL;
686 words
......banks. Fischer rejects calls to put bank fees under supervision Byline: SHARON...Having the central bank supervise bank fees would weaken the local banking system...called upon the Bank of Israel to put bank fees under supervision. "Since the reform...
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