What\'s with all these bank fees?

Author: BankFeeInsider     Tuesday, April 23, 2013 12:00 AM

Savvy consumers looking to save money aren't the only ones struggling with low interest rates and banking fees; banks themselves have had their incomes cut as well. Within a competitive financial industry and low interest rates they simply can't earn as much from loans and other investments.

Regulations have crimped bank earnings as well. Following the financial crisis, the banking industry was hit pretty hard by new rules to protect consumers.  

 

 

At one point in time banks collected a lot of overdraft fees. New regulations placed a cap on what a bank can now collect in overdraft fees. This is great for the consumer who occasional overdraws on their account and bad for the consumer who doesn’t in the form of other fees.

Though the new rules are benefiting consumers, for instance, forcing banks to make customers opt in to overdraft protection, they've also had unintended consequences in the form of fees.

Insider Tip:

Avoiding unnecessary checking fees requires paying attention. Keep an eye on statements and mailings from your bank or credit union for announcements of new and increased fees. If you find that your financial institutions fees can't be waived, there may be a better bank out there for you.

Let us help you discover new options for your checking and savings needs.  At BankFeeInsider.com we take the fine point out of banking so consumers everywhere can quickly find a bank with the lowest fees that meets their individual banking needs.

Click here to start searching for options to lower your out of pocket costs to simply maintain a banking account.  We can help you stop paying unnecessary bank fees.

Source: BankFeeInsider.com