Fight Against Bank Fees
Thousands of people recently joined credit unions after the uproar Bank of America
created with its new debit card fee. Public outcry prompted Bank of America to reverse
its decision, but other bank fees are on the rise.
The majority of banks now charge a fee for non-interest checking accounts. Two years
ago, most of those accounts were free. Overdraft charges and ATM fees are also at
record highs.
And banks are adding other fees. For example, Bank of America now charges e-bank
customers $8.95 a month to use a teller. PNC & US Bank charge $25 to close an
account open less than six months.
Consumer Reports says that you can fight back. If you’re hit with a fee, ask your bank to
waive it. If that doesn’t work, threaten to move your account.
If you decide to make a move, Consumer Reports says consider a big credit union.
Fees for basic checking at major credit unions are 42 percent lower on average than
at big banks. They used to just serve small groups, but that’s changed. Now it’s pretty
easy to find one you can join.
Before changing banks, check to see if your bank charges a closing fee. Make sure all
outstanding checks are paid and switch over automatic deposits and bill payments.
Consumer Reports says you can also find lower fees at community banks and online
banks. In order to get a handle on a bank’s fees and rates, check out its website.
Complete Ratings and recommendations on all kinds of products, including appliances,
cars & trucks, and electronic gear, are available on Consumer Reports’ website.
Subscribe to ConsumerReports.org.
