Starting next year, Bank of America will charge a small number of customers an annual fee, ranging from $29 to $99. The bank has characterized the fee as experimental. But card holders who have never carried a balance or paid late fees could be among those affected. Citigroup, meanwhile, has started charging annual fees to [...]
The Federal Reserve plans to release a rule in the next month that requires banks to get consumers’ permission to charge a fee for paying certain transactions that overdraw their account. Federal Reserve Governor Daniel Tarullo said that the new regulation would allow a consumer “to know that he or she was opting into a [...]
ATM fees, monthly service fees on interest-bearing checking accounts and bounced check fees have raised to new highs. The rise has been occurring for years, but this time Congress is paying attention. In 2009, consumers paid an average fee of $3.54 to use another bank’s ATM, up 16% from 2004. This includes the fee charged [...]
The FDIC reported that the number of distressed banks hit the highest level in 15 years, depleting the Deposit Insurance Fund by 20% in the second quarter…and the trickle down effect is likely to cost consumers in the form of fees and stricter lending standards. In response to the depleted reserves, banks will consider raising [...]
Despite massive government efforts to boost the credit market, banks are still pulling back severely on card lending. In the first four months of the year, banks issued 9.8 million new credit cards- a 38% drop from the same time last year. Now the average limit on a new card, after rising during the recession, [...]
U.S. banks are fighting Obama’s new plan to create a consumer agency for financial services intended to protect consumers. http://www.bloomberg.com/apps/news?pid=20601103&sid=agR2UE7gabLM
