Thursday, November 17, 2011

Watch Bank Fees-Costs Quietly Ramping Up

From Wonkbook, The Washington Post

Banks are quietly ramping up consumer costs, reports Eric Dash: "Even as Bank of America and other major lenders back away from charging customers to use their debit cards, many banks have been quietly imposing other new fees. Need to replace a lost debit card? Bank of America now charges $5 -- or $20 for rush delivery. Deposit money with a mobile phone? At U.S. Bancorp, it is now 50 cents a check. Want cash wired to your account? Starting in December, that will cost $15 for each incoming domestic payment at TD Bank. Facing a reaction from an angry public and heightened scrutiny from regulators, banks are turning to all sorts of fees that fly under the radar. Everything, it seems, has a price...Banks would need to recoup, on average, between $15 and $20 a month from each depositor just to earn what they did in the past."
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