2012 Banking Survey: Banks Go Fee Happy

by Christopher Freeburn | September 24, 2012 1:05 pm

According to Bankrate’s 2012 Checking Survey, checking account fees are rising fast[1], with some jumping 25%.

Experts cited by Bankrate attributed the soaring fees to new regulations meant to trim overdraft fees and debit card swipe charges for retailers.

Those regulations hit bank’s were it hurt the most – their profit margins. In response, banks are raising other fees to offset revenue lost to the new rules.

Consumers are feeling the pinch, Bankrate found. 72% of consumers indicated that they would consider finding a new bank if checking account fees increased. That compares to 64% who felt the same way last year.

Some attempts to raise fees have encountered resistance. Bank of America (NYSE:BAC[2]) withdrew plans to charge a fee for simply having a debit card after customers raised an outcry.

Here are some of the new ways banks are increasing revenue at customers’ expense[3], according to Bankrate.

You can find more detail about Bankrate’s checking fee findings[4] on its website.

Endnotes:
  1. checking account fees are rising fast: http://www.bankrate.com/finance/checking/checking-fees-record-highs-in-2012.aspx
  2. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  3. increasing revenue at customers’ expense: http://www.bankrate.com/finance/checking/checking-fees-record-highs-in-2012.aspx
  4. checking fee findings: http://www.bankrate.com/finance/checking/checking-fees-record-highs-in-2012.aspx

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