Banks Boost Customer Fees to Record Highs
Bounced Checks, Overdrafts And ATM Use All Cost More; Penalizing Repeat Offenders
By JANE J. KIM
Banks are responding to the troubled economy by jacking up fees on their checking accounts to record amounts.
Last week, Citigroup Inc.'s Citibank started charging some customers a new $10 "overdraft protection transfer fee" to transfer money from a savings account or line of credit to cover a checking-account shortfall. Citibank had already raised foreign-exchange transaction fees on its debit cards and added minimum opening deposit requirements for its checking accounts. Over the past year, J.P. Morgan Chase & Co.'s Chase, Bank of America Corp., and Wells Fargo & Co. have boosted the fees they charge noncustomers who use their automated teller machines to as much as $3 per transaction.
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Getting a Handle on Bank Fees
To avoid getting nickel-and-dimed, it's important to keep close tabs on how much money is in your account and to understand your bank's fee policies. Read The Wallet.
With all these changes, the average costs of checking-account fees, including ATM surcharges, bounced-check fees and monthly service fees have hit record highs, according to a new study by research firm Bankrate Inc.
Depositors are also paying more for extra services. In July, for example, Comerica Inc.'s Comerica Bank raised fees in Michigan for customers who want to stop payments or get a cashier's check. Last year, PNC Financial Services Group Inc.'s PNC Bank introduced a processing charge of $3 for customers who use their debit card to get a cash advance at a teller window.
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