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Finance

Thanks, government! Banks’ ‘free’ checking accounts are no longer free

Sep. 24, 2012 4:28pm

Thanks to the Dodd-Frank financial regulatory reform law signed into law by President Obama, “free” checking accounts aren’t either.  In fact, they’re costing consumers more than ever — all in the name of… er, helping the economy or something:

The details:

Banks have raised fees on automatic teller machines, overdrafts and checking accounts for customers who don’t meet new standards tied to account balances or regular deposits. …

The fees come as the banking industry looks to lose more than $10 billion a year in revenue through federal restrictions on debit cards and overdraft policies, according to bank consultants. …

Customer fees are just one way banks are trying to step up profits. Most financial institutions also are cutting costs. Bank of America Corp., BAC -0.60% for example, is seeking to shed 16,000 jobs by the end of the year. …

Rising fees aren’t the only frustration to bank customers. Most traditional accounts these days earn next to no interest as the Federal Reserve seeks to keep rates at record lows, a strategy intended to jump-start the U.S. economy.

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Comments (4)

  • woodyee
    Posted on September 25, 2012 at 12:12am

    Last week we read a Blaze article whereby Shell is pulling out of Alaska after having spent some $40billion in licenses and fees…

    Today we read “The fees come as the banking industry looks to lose more than $10 billion a year in revenue through federal restrictions…”

    We need Gaybama and gobblement to get the he!! out of our way! They’re making it impossible to do business, and making everything they touch more expensive!! Food prices are going up FAST, and when Gaybama was elected, gas was $1.89 a gallon; if not for shopping at Costco, I’d have paid nearly $4.39 yesterday (I paid $3.98, STILL too high…)

    Report this comment

    woodyee  
  • David Foxfire
    Posted on September 24, 2012 at 5:21pm

    That’s why FirstBank will be my last bank I’ll ever do business in. For the next bank on it’s all Credit Unions all the way.

    Report this comment

    David Foxfire  
    • usafsatcom
      Posted on September 24, 2012 at 9:17pm

      My military related Credit Union forced me to close due to all the fees from Dodd-Frank.

      Report this comment

      usafsatcom  
    • woodyee
      Posted on September 25, 2012 at 12:15am

      USAF, you active-mil ought to shop around more often, for everything. When I served, it didn’t take me long to figure out I would be taken advantage of nearly everywhere I went that was “mil-friendly”.

      Report this comment

      woodyee  

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