Before the existential threat of Islamic fanaticism took up most of my ire, I was most pissed about ATM fees. Guess what’s back:
Citigroup is not the only bank grappling with tremendous losses. Many financial institutions are hiking customer fees at record levels.
It may be quick and easy, but that ATM convenience is going to cost you. Citibank, Chase, Bank of America and Wells Fargo are all starting to charge non-customers as much as $3 per transaction to use their machines.
“I think it’s kind of ridiculous because everybody is going through economic hardships,” New Yorker said Margo Waltz said.
. . .
Several banks are also boosting minimum account balance requirements and experts warn this is just the beginning as banks merge or go belly-up.
“The fewer banks you have the fewer choices consumers have the more a sort of gotcha the banks have,” Ludwig said.
One alternative experts are suggesting is checking out your local credit union.
“They’re not going to gouge their members because their members are the people who run the credit union,” Ludwig said.
States currently control interest rates, which are practically unlimited. Consumer advocates are calling on the Federal Reserve to step in as they did after the 1989 savings and loan bailout. They want interest rates and fees capped.
It’s estimated banks collected $17 billion in overdraft fees last year alone.