Outraged bank customers better have a lot of stamina, because the battle
over new fees may only be getting started.
That made it easy to offer checking accounts that included things
like free ATM withdrawals and unlimited check writing, with no rules
about how much business you brought to the bank or how much time
you took at the teller window.
Banking is a different business today,
with many once-profitable activities banned or curtailed. So it’s no
surprise that banks are unbundling free checking and starting to charge
for things that used to be offered gratis as part of a broader package.
Instead of profits from one part of the industry subsidizing services
offered in another, bank customers would basically pay for what they
Limits on what banks can charge their most vulnerable customers
would mean that less vulnerable customers pay a bit more. Banks
would offer discounts to customers who make “bulk purchases,”
which in banking means consolidating all of your loans, credit cards
and accounts at one bank.
Story by Rick Newman for US News
- ‘Free Checking’ Costs More
- Banks Testing How High They Can Jack Up Your Fees
- Webster Bank Upsets Customers By Charging For “Free” Checking Account
- Most American Still Have Free Checking Accounts
- Your “Free” Checking Account Likely To Soon See Some More Bank Charges
- College Students Should Check Out College Credit Unions For Lower Fees, Better Service