Banks Continue to Increase Fees

Many banking customers have noticed more fees being tacked onto their checking accounts. It seems like no matter where you look it’s tough to get away from rising fees at banks for everything from overdrafts to ATM use to just maintaining an account.

Some financial experts say that people with checking accounts could see even more fees because of changes in credit card legislation, according to USA Today. “This is Business 101. If you take losses in one area, you try to offset them in other areas of operations,” Adam Levitin, a law professor at Georgetown University, told USA Today.

Banks have searched for new revenue streams during the troubled economy, which in some cases has resulted in higher fees for things like overdrawing multiple times or using a debit card for foreign transactions. A 2008 study by the Federal Deposit Insurance Corp (FDIC) found that overdraft fees accounted for 74% of service fees on bank accounts.

Fees can really eat into the amount of money you have stashed in a bank account. If you feel that your bank is nickel and diming you, it’s probably time to shop around and compare bank deals. Get the fee schedule for accounts you are considering and ask if they have recently increased any fees or plan to do so.

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