ATM, Checking Fees Are Skyrocketing

newsweek.com:

And how does the industry that has received so much largesse from taxpayers repay the public? By jacking up fees for basic services. According to Bankrate.com, the average surcharge for using a money machine rose from $1.78 in 2007 to $1.98 in 2008. It's probably higher now. Last week, when I stopped payment on a check, I was astonished to find the charge was $32, about what it costs to sponsor a child for a month through Save the Children. Meanwhile, consumer complaints about being hit with massive and repeated overdraft fees have led to threats of congressional action.

Read the whole story: newsweek.com

Comments

[Rentug]

Obama needs to carry out more reform. He needs to get things done instead of just talking and planning because his voters are becoming impatient and the robber barons are at it again.

Good articles: http://pie.im/af30

2 party system gives no results.

[Gernuser]

Congratulations to to Obama for winning the Nobel Peace Prize

If you like finance & econ news you'll like: http://pie.im/af30

Obama needs to carry out more reform. Needs to get things done instead of just talking and planning.

[totalliberal]

In Canada there are no bank fee's for people over 60. Yet they have the most stable profitable banks in the world. Hmmmm.

[Peter007]

Most banks in the US are doing quite well thank you. A few large mega banks may have problems but it doesn't affect many people.

[mlm4420]

I bank with a credit union and this evening I took my son to the movies. I had to withdraw cash and the only ATM available was the Chase ATM downstairs. I was shocked that the fee was $3.00 to withdraw funds.

[Peter007]

Switch to Chase and you won't have that fee.

[Imzadi]

Granted. But he WILL have all kinds of other usurous fees. $3 seems like a good trade offf.

[Gernuser]

More work needs ot be done

Good articles: http://pie.im/af30

[StJames]

I just googled credit unions in my area. There's one less than 2 miles from my home. Tuesday I am going to give them a call. So many people on HP have recommended using a credit union....we'll see.

[Peter007]

You will switch back to a mega bank when you see how limiting a Credit Union bank is. Maybe you'll like it, I don't know , but there service is very limited.

[StJames]

I don't have many needs...a debit/credit card and the ability to pay bills online. If they don't offer that, I'm not switching. But thanks for the warning.

[Imzadi]

1) Credit Unions are full service
2) You sound like you work for bank
3) The correct spelling is "their", not there

[MyTalkRadiou]

Obama needs to do actual reform instead of just talk & plan

good articles: http://br.st/tU

~~

[tuberider]

The Newsweek article is lacerating, as they all are. Everyone seems to agree they're criminal enterprises...Yet nothing happens. It only gets more usurious, beyond all bounds. What is wrong with this picture?

[Peter007]

No one thinks they are criminal enterprises. You are delirious.

[Imzadi]

Most people EXCEPT you think they are criminal. Projecting again.

[dollbaby]

At many banks if you want to withdraw from your checking account in the lobby and you don't have a check, they will gladly charge you three dollars for a check. The banks no longer have withdrawal from checking account slips, only from savings.

[StJames]

No! You've got to be kidding. My bank would do that to me once....and I would withdraw it all & close the account.

[Peter007]

You need to switch from" Bob 's Bank " to Chase.

[Sebbybear]

We could teach the banks a lesson if everyone would close their bank account and join a credit union. Credit unions offer all of the same services and have the same protections. Even when there are fees you'll feel better knowing that they are going to a community organization rather than lining the wallets of the bank CEOs and stock holders.

[Peter007]

They don't give you good service. If I'm in Paris and I want 400 Euro's my credit Union Bank can't help me. They can't get me a mortgage at the low rate I have now ( 2% ). If I travel outside my neighborhood, I have to pay an ATM fee to get cash.

[Imzadi]

"They don't give good service"

Facts, please.

[mcmutter]

They raise the fees because they can. We desperately need good, old fashioned regulation.

[Peter007]

Banks are the most regulated industry in the United States. Its almost a Public-private co-op. The reason fees will be going up is due to increased regulations on certain accounts. Banks won't be able to charge their bad customers, so they are raising their fees on the good customers. Sort of like a government program.

[Truelee]

They didn't steal enough with the bailout so now comes the next phase of the greatest bank robbery in the history of the world, increased fees.

[FooFighter007]

Join a Credit Union - The ATM transactions are free.

[Truelee]

The FDIC is also broke. Money is probably safer kept in a non-commercial bank.

[ldcbl]

why do they do this to us? BECAUSE THEY CAN! congress has given the banks the power to do whatever they want with no regulation whatsoever. congress passed a new law, but made sure it did not go into effect until the banks could jack up the rates and fees. We are f**ked again by our elected officials.

[Nofuzzydreams]

Don't bank with one or borrow on credit cards! Remember banks have power that you give to them. Take personal responsibility. Move to a credit union for example and live a simpler life without the 50 inch flat screen TV that you bought with borrowed money or the granite countertop you cannot afford.

[jinsei]

Credit Unions/ small banks have the highest rate of failure in the country every year. Look at an FDIC report.

[jinsei]

I should have prefaced that by saying "smaller" NCUs.

http://www.frbsf.org/publications/economics/letter/2005/el2005-20.html