November 9, 2011
Many major U.S. FIs have opted to backtrack on implementing debit usage fees due to public uproar, but that doesn’t mean banks have stopped quietly tacking on the charges elsewhere.
Banks still need to recoup the approximately $12 billion they will lose as a result of Dodd-Frank regulations, according to Business Insider. (That averages out to $15-$20 per depositor.) The site posted a roundup today of several new service fees various FIs have added under the radar:
– Bank of America will assess a $5 penalty to replace a lost debit card ($20 for rushed delivery), and earlier this year, raised the usage fee for MyAccess checking by more than $3 a month.
– Citigroup increased basic checking account usage fees from $8 to $10 per month, while Chase will now charge $12 a month.
– The price for incoming domestic wire transfers at TD Bank will go up to $15 beginning in December.
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