Skip to comments.ATM,Overdraft Fees Hit Record Highs: Survey [More Regulation Equals Higher Costs]
Posted on 10/01/2013 6:58:05 AM PDT by SoFloFreeper
Bank feeshave reached record highs this year, according to a fall survey from Bankrate. Banks charged noncustomers an average $2.60 to withdraw cash at their automated teller machines in Bankrate's survey of 10 banks and thriftsin each of the 25 largest U.S. markets. That's a 4% increase from 2012.
Average ATM fees have climbed by almost a third in the years since 2008, according to Bankrate. Higher ATM charges arepartof thefallout from the Federal Reserve's push to maintain historically low interest rates, according to Jim Johannes, director of the Puelicher Center for,Banking Education at the University of Wisconsin-Madison.
"If you're making lessmoney on the interest side of the bank and you need to increase cash flows to satisfy investors, the only real way you can do that isto make it up in fee income," Johannes said in Bankrate's report on the survey results.
(Excerpt) Read more at americanbanker.com ...
Everything, and I mean everything, the Democrats do is a racket designed to get money from the interests they seek to regulate. The banks are just one example of this.
People still use cash?
I just closed an account I had with the same bank (even after numerous name changes/mergers) since 1968 as they deducted a $54 (per quarter) maintenance fee because one of the accounts dropped below $40K. At the paltry interest rate they pay, $54 is theft IMO.
I made sure the “Relationship Manager” knew exactly why the account was closed. I told her if the checking acct showed up with any fees it would be closed.
She tried the old, I’ll refund the fee but it is just a computer thing and I stopped her right there.
I told her that as I had been a customer for over 45 years I did not feel it was appropriate to be just a number and a bank within walking distance of my house actually knew my name (theme from Cheers running through my head).
Once more it proves my theory that anything which gets too big becomes bad.
This is just the CFPB and Elizabeth Warren fans setting the table to go after the Big EEEEEEVIL Banks with more regulation.
Hey, you bank guys do play some sleazy games, AND you took a taxpayer bailout. So reap the whirlwind, suckers!