While on paper Bank of America dropping their $5 per month debit card fee was a small victory for customers the company has found new “under the radar” ways to once again increase the cost of banking for their customers.
According to the New York Times the average customer account costs Bank of America $200-$300 per year to maintain and in an attempt to earn back some of that money they are finding new ways to recoup expenses.
The move to add new fees or increase other fees comes at a time when government regulations have placed limitations on card swipe fees (the fees banks could charge retailers for accepting debit cards) while lowering the amount banks could earn for each overdrafted account.
To make back their money Bank of America has raised their basic checking account fee from just under $9 earlier in the year to $12 dollars today.
According to a co-founder of MyBankTracker.com:
“Banks tried the in-your-face fee with debit cards, and consumers said enough … What most people don’t realize is that they have been adding new charges or taking fees that have always existed and increased them, or are making them harder to avoid.”
Among other fees to watch for include a fee for paper statements (most banks allow for digital only statements at no cost if requested), higher ATM withdrawal fees and raising the account balance required to avoid fees.
Are you prepared to switch to a new bank if you’re banking institution continues to rise the cost of doing business at their locations?