Ten Ways Banks Take Your Money
Remember the new bill that Obama signed that will keep banks and creditors from charging consumers outrageous fees? Well those banks and credit-card companies have gone on the offensive in advance of new consumer protections the Obama administration is asking Congress to enact. For many consumers, that could mean an unexpected financial sting.
Late fees, loan-origination fees, over-the-limit and overdraft charges helped generate 53% of banking-industry income in 2008, according to R.K. Hammer, up from 35% of income in 1995.
Here’s an annoying snippet:
5. Tellers
Banks drew fire from consumers in the 1990s when they tried charging a fee if human interaction occurred when depositing or withdrawing money. There are scattered reports of these fees popping up again, mostly for “excessive” use of tellers. Some banks give you two free teller visits per month, but charge you after that — say, $2 or $4 for each extra visit.
Hit the jump for the 9 others.
[WSJ]
