bank fees

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Feds Order Bank of America to Pay $250M in New Scandal

CFPB says bank charged junk fees, withheld bonuses, opened fake accounts

(Newser) - Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses, and opening accounts without customer consent, reports the AP . Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the Office of...

It Now Costs More to Get Your Money From an ATM

Well, at an ATM not related to your bank, that is

(Newser) - Consider this: $4.52. No, it's not the price of a venti Frappuccino—it's what the average American is forking over this year for each time he or she uses an ATM that isn't part of their bank. The $4.52 is a sum of what your...

Online Bank Lets Customers Pay What They Want for Checking

GoBank to offer option of $0 to $9 on checking accounts

(Newser) - An online-only bank called GoBank will be rolled out in the next several weeks with a buzz-worthy offer: Customers will pay what they think is fair for a checking account—even if that amount is $0 per month, reports MarketWatch . Parent company Green Dot, which provides prepaid debit cards, is...

Bank of America Scraps Plan for New Fees

Last year's revolt might be too fresh in memory

(Newser) - Remember last year when Bank of America tried to impose a $5 fee for debit cards but had to rescind it amid customer outrage? Some key decision-makers at the bank apparently remember, too, because they've put the kabosh on new checking account fees that were due to go into...

Cost of Closing Your Bank Account: Up to $55

Big banks often charge for wire transfers, etc: Consumers Union

(Newser) - It could cost as much as $55 to close your bank account. That's the finding of the advocacy group Consumers Union, which surveyed the 10 largest banks in the country, including JPMorgan Chase, Bank of America, Citibank, and Wells Fargo. It found that people who want to close their...

Bank of America Readying New Fees

Will likely drive off free checking customers

(Newser) - The public relations disaster that was Bank of America's plan to charge customers monthly debit card fees was apparently so much fun that bank execs can't wait to try it again: In what the Wall Street Journal calls a sign of "stresses" in the banking industry, BofA...

Banks Still Raising Under-the-Radar Fees

So you may not want to cheer the $5 debit card fee you're not paying

(Newser) - You may want to stop celebrating over Bank of America’s scrapped $5 debit card fee , because the bank has been quietly adding or increasing other fees to make up for it. Think $5 to replace your debit card, or $12 per month for a basic checking account—up more...

Unemployed Stung by BofA Fees on Benefits

Big banks benefit from debit card programs

(Newser) - Bank of America has retreated from plans to charge a monthly debit card fee , but some of the people who can least afford it are still being stung. In South Carolina, one of several states that have contracted with BofA to deliver unemployment benefits through debit cards instead of checks,...

BofA Offers More Ways Around $5 Debit Fee

$20K minimum balance isn't the only option

(Newser) - Turns out Bank of America customers won't have to maintain a $20,000 bank account to avoid monthly debit fees after all. With other banks canceling debit fee plans, BofA will now offer customers other means of avoiding its $5 monthly debit card payment —like having paychecks directly...

Big Banks Decide Against Debit Card Fees

Chase, Citigroup not following Bank of America's lead

(Newser) - It looks like many of the big banks are backing down from threats to raise debit card fees , reports the Wall Street Journal . After Bank of America was pounded over its decision to slap debit card users with a $5 monthly fee , JP Morgan Chase, US Bancorp, Citigroup, PNC Financial...

Dems Target BofA on Debit Card Fees

New bill would help bank customers move money

(Newser) - Two Democrats in Congress are planning to strike back at Bank of America with a direct hit to the wallet, the Huffington Post reports. With BofA instituting a $5 monthly debit card fee to many consumers , Senate Majority Whip Dick Durbin and Rep. Brad Miller are mounting legislation that would...

Bank of America to Charge Debit Users $5 a Month

To make up for new regulations

(Newser) - Bank of America customers beware: Your debit card is about to get a lot more expensive. The bank intends to start charging many customers $5 a month if they use their debit cards, in what the company says is an effort to offset new federal regulations limiting the fees it...

People Will Drop Debit Cards if Banks Add Fees: Poll

Even $3 per month would cause folks to switch

(Newser) - Americans prefer using their debit cards at the register, but a small fee could change that. A new Associated Press-GfK poll finds that about two-thirds of consumers use debit cards more frequently than credit cards. But when debit card holders were asked how they would react if they were charged...

Banks Jack ATM Fees, Blame Reform

Chase is experimenting with a $5 fee for non-customers

(Newser) - If you’re far from an ATM belonging to your own bank, brace yourself to shell out a few bucks. Banks across the country are hiking ATM fees, Credit.com reports. Chase, for example, is charging non-customers $5 to use their ATMs in an Illinois pilot program—and that’s...

Banks Phasing Out Free Checking Accounts

Trend of the 1990s falls victim to new banking environment

(Newser) - The days of free checking accounts are numbered for many bank customers around the country, reports the Los Angeles Times . New rules that make it harder for banks to impose various fees mean they need to pull in money from elsewhere, so those free accounts are being phased out. Generally...

Banks Blitz Customers to Keep Overdraft Fees Coming

$20B in penalty fees threatened by Fed's new opt-in rule

(Newser) - Expect your mailbox to be stuffed in the coming weeks with entreaties from your bank, which desperately wants you to sign up for pricey overdraft fees it used to be able to slip into the small print. Under new Fed rules going into effect July 1, bank customers must opt-in...

Get Ready for New Credit Card Fees
Get Ready for New
Credit Card Fees
Feb 20, 2010 11:49 AM CST

Get Ready for New Credit Card Fees

New law cracking down on industry makes them inevitable

(Newser) - New rules go into effect Monday intended to make sure credit card users don't get ripped off by sneaky fees and charges that have long been standard practice in the industry. As a result, customers should be braced for a whole new set of sneaky fees and charges, warns the...

Big Banks on Obama's TARP Fee: Nuh-Uh

Industry 'burden' will decrease lending ability, they threaten

(Newser) - Wall Street wants its bailout, and its bonuses, too, and this sure-to-be-popular fee on banks Barack Obama is considering isn't sitting well at all. “Current law doesn’t trigger this tax proposal for another four years,” objected the top lobbyist at the Financial Services Roundtable, referring to a...

Banks Screw Customers in Regulatory Pout
Banks Screw Customers in Regulatory Pout
OPINION
Jan 6, 2010 9:18 AM CST

Banks Screw Customers in Regulatory Pout

Fees soar in revenge for tougher rules in the works in Congress

(Newser) - With a slew of new regulations headed their way, banks are jacking up their fees and credit card rates, in a blatant attempt to squeeze every last penny out of their customers. They say they’re just trying to recoup the money these new consumer protections will cost them. For...

Visa Corners Debit Card Market—With Higher Fees

Fees on signature debit purchases boost banks, screw merchants

(Newser) - In a bizarre twist, the intense competition among debit card companies has resulted in a race to higher prices, which benefit banks at the expense of retailers, not to speak of consumers. At issue is whether you sign for that debit purchase or enter your PIN instead—the former costing...

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