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Tags: banks, Checking accounts, Credit Cards, fees
The Wall Street Journal reports that banks and financial firms are gearing up to screw you just a little more.
They are planning on raising fees on checking accounts and credit cards ”to replace more than $50 billion in revenue wiped out by new rules that clamp down on certain business practices”.
“Credit-card issuers collected $22.9 billion in penalty fees—such as those assessed for late payments—in 2009, up from $19 billion in 2008.”
“Credit-card companies already have been racing to slip new fees and practices into customer contracts ahead of the law (that becomes effective in February). Issuers are closing accounts, switching cards with fixed interest rates to variable rates and introducing cards that have an annual fee.”
“The Fed estimates that banks generate $25 billion to $38 billion a year in overdraft fees.”
“..banks are expected to eliminate free checking completely, raise fees on safe-deposit boxes and charge customers more for issuing a stop-payment on a check.”
Happy New Year!