Tuesday, September 25, 2012

Another way to scam

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."

IF YOU STILL BANK WITH THE BIG GUYS, ITS TIME TO CHECK OUT THE SMALLER BANKS

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