As a result of heavier regulation from the federal government, more banks – both large and small – are instituting new fees for services that used to be provided free of charge, and consumers are feeling aggrieved.
A number of banks all across the country are new putting new fee structures into place that are charging consumers more money for things like maintaining a checking account and having a debit card, according to a report from the Tennessean. Some consumers have said that these changes will likely drive them to use other forms of payment, such as credit cards or cash, because they simply cannot afford the extra fees.
However, consumers who maintain high balances, link accounts or meet other qualifications may see these fees waived, the report said.
Banks typically introduce these fee structures in response to regulation by the federal government that limit their revenues from credit card and other account types, including a new rule that limits the amount they can charge for processing debit transactions. The financial industry argues that these changes will cost it billions of dollars annually.