The banking industry finds itself in the middle of a fee-for-all. In Bankrate's 2012 Checking Survey, almost every checking fee we follow went up, with some bank fees rising 25% or more.
What's behind the jump in all these fees? In part, it's the banking
industry's response to recent regulations limiting consumer overdraft
fees and to new rules capping the cost of debit card swipe fees for U.S.
retailers, says Eben Jose, an industry research analyst with IBISWorld.
"That had a drastic kind of an effect on their revenue for retail
banking," Jose says. "They need to find a way to make up for these fees
in other ways."