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Bank Fees: Exactly How Much Does Your Bank Make Off You Each Year?

First Posted: 06/06/10 06:12 AM ET Updated: 05/25/11 05:05 PM ET

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Bank Fees
Mike Konczal: What Are You Worth To Your Bank?

washingtonpost.com:

The Roosevelt Institute's Mike Konczal writes about trying to figure out how much a customer is worth to a commercial bank:

"There's whatever you pay in fees. Whatever you having in your checking and savings account is lent out, and the spread is going to be at least 2.5 percent, so they make a ballpark 2.5 percent off whatever you keep in your accounts. And whenever you pay with a credit card or a debit card, your bank is making at least 1.7 percent of the transaction, paid for by the merchant."

For a family with an income of $60,000 per year, he finds, it would work out to $498.12.

Read the whole story: washingtonpost.com

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The Roosevelt Institute's Mike Konczal writes about trying to figure out how much a customer is worth to a commercial bank: "There's whatever you pay in fees. Whatever you having in your checking and...
The Roosevelt Institute's Mike Konczal writes about trying to figure out how much a customer is worth to a commercial bank: "There's whatever you pay in fees. Whatever you having in your checking and...
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maymay2
420 Fans
03:47 PM on 04/06/2010
To avoid any fees by banks,
maintain at least the minimum in the checking account at all times,
and pay off the credit cards every month.
Get rid of your debit card. ( big penalty for over draught)
Move your money to a credit union.
And sign up for auto payments to avoid postage.
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ljc
3292 Fans
02:26 PM on 04/06/2010
That would be $0.00 on all my accounts. Personal and Household are with a credit union and the Business account has no service charges unless I make an error and only after the third time.

Credit Cards carry no balances.

My son just told me today that a friend of his has a minimum of $400.00 every month on his CC. He is digging a gigantic hole for himself and should try and transfer it to either a 0% (do those still exist) card or something with a lower interest rate.
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SpringtimeinNLD
14 Fans
01:14 PM on 04/06/2010
My bank ABN-AMRO makes about 30 Euros a year off of me. 7.50 every quarter for debit card fees.

Thats it.
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