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Banks Considering New Fees On Cards And Checking Accounts

submitted on January 5, 2011 by orangearrows in "Member's Lounge"
Banks Considering New Fees On Cards And Checking Accounts

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The Huffington Post | William Alden First Posted: 01- 5-11 09:44 AM | Updated: 01- 5-11 09:48 AM

http://www.huffingtonpost.com/.....04580.html

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.

     

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  • 94608
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut on January 5, 2011
    [reply] 4 0
    I got the notice from Chase and service fee will be $12 starting in February if you don't do one of FIVE things associated with your checking account.
      94615
    • honesta
      master
      Posted by honesta on January 6, 2011
      [reply] 6 0
      Same here. Closed the account.
    • 94678
    • pablos17
      deity
      2 4 6
      10 8 2
      Posted by pablos17 on January 6, 2011
      [reply] 3 0
      What are those 5 things?
    • 94688
    • lootango
      professor
      11 9 1
      Posted by lootango on January 6, 2011
      [reply] 1 0
      I know there is no fee if you use direct deposit with a $500 minimum, keep a $1,500 balance in the account or maintain an average daily balance of $5,000 in all of your accounts.
    • 94714
    • CouponNut
      deity
      23 14 8
      12 10 2
      Posted by CouponNut on January 6, 2011
      [reply] 2 0
      Plus signup for auto bill pay, 5 debit transactions per month, or have mortgage or home equity loan with Chase.
  • 94699
    orangearrows
    professor
    2 3
    7 1 1
    Posted by orangearrows on January 6, 2011
    [reply] 1 0
    Chase asked me for a direct deposit and a bunch of other requirements. Now am not longer a chase banking customer. Still use their CCs though
  • 97154
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut on January 18, 2011 [reply] 0 0
    February 1st is right around the corner for Chase new checking fees to kick in.

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