| June 21, 2010

Banks create new fees to hit consumers

Large banks are grappling with the effects of reform that will put an end to what have been deemed to be abusive practices.

Higher interest rates and overdraft fees will no longer bring in the amount of money they once did. To help make up for the shortfall, financial institutions are creating a slew of new ways to make a profit.

Banks may start charging maintenance fees for checking accounts and debit cards, reports the Wall Street Journal.

One of the perks many consumers have become accustomed to, free checking, may become a thing of the past, reports the WSJ. People who still want to benefit from checking without incurring charges may want to look into smaller banks.

“Local community banks and credit unions are likely to hang onto free checking longer than their bigger rivals, according to the WSJ. “That is because such institutions will see less of a financial impact from some of the new regulations, and therefore may be under less pressure to add fees”.

Financial institutions stand to bring in high profits for instituting more expenses. Over $36 billion in checking and savings account fees was made by banks in 2006, according to the U.S. Government Accountability Office.

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