Banks' Check Fees Reach Record High — What Does Your Bank Charge?
According to Bankrate.com, fees for accounts are at their highest levels — and Tiverton-Little Compton Patch is asking: How does your bank compare?
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The cost of banking is going up — and lending institutions are finding ways to tack new fees onto checking and other accounts.
Bankrate.com reported recently that charges for use of bank accounts have reached an all-time high this year.
Whether it's higher costs for using ATMs at other banks, monthly "maintenance fees" averaging more than $5, or overdraft charges of $30 or more, bank customers are paying more to get access to their money.
Tiverton-Little Compton Patch wants to know: How have you been affected?
Does more of your money every month go toward banking fees?
Where do you keep your money — and how do your bank's charges compare to other institutions?
The survey by Bankrate.com found that 72 percent of customers said they'd change banks if their fees went up — would it cause you to switch?
Post your answers in the comment section below.
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Ralph Doliber
2:13 pm on Friday, September 28, 2012
Banksters
Kinda like Gangsters
Mike
4:02 pm on Friday, September 28, 2012
Interesting article about the "unbanked:"
http://money.cnn.com/2012/09/14/pf/bank-account-states/index.html
Red states have a higher percentage of unbanked, most likely explained by the higher prevalence of poverty. If you're barely making ends meet, having what little money you have swiped away by minimum balance fees, ATM fees, etc. does not encourage developing a relationship with a bank (or develop good credit). On the flip, the exorbitant fees the check cashing places charge for cashing checks and the fees associated with writing money orders are probably even more costly. Yep, there's pretty much little chance of escaping poverty unless reproduction is avoided -- increasing the chances of escaping it and the inevitable cycle of generational poverty. Of course, that's not the only solution.
Candace Fish
8:20 pm on Friday, September 28, 2012
Sovereign (Santanderre) rates are far too high so I switched to Baycoast Bank which I love because they're local, not international and care more about the individual banking with them. Yes, Baycoast!