A New Year of New Bank Fees

A New Year of New Bank Fees

Submitted by Jen Jones on Fri, 12/30/2011 - 8:20pm

A New Year of New Bank Fees

According to a new report from the 2012 U.S. Banking Sector Outlook, the New Year’s ring could signal a major “cha-ching” for banks in 2012, as financial institutions all across the country react to timely federal restrictions by scrambling to add new fees to their recession weary customers.

Coming from a new report from The Huffington Post’s Catherine New, “ In 2012, expect to see higher minimum balance requirements and an ongoing push to increase customers' credit card spending, according to a "2012 U.S. Banking Sector Outlook" report from Trepp, an analytics company that provides information to the banking industry. Other industry analysts predict that some banks could raise overdraft fees from $35 to a new high of $40 and that more institutions will increase monthly maintenance fees on basic checking accounts to between $12 and $15. Over the past three years, various new regulations under the Dodd-Frank Act and the Credit Card Act have reined in certain aggressive fee practices. More regulations in 2012 are expected to further hamper banks' ability to make big profits off the basic banking activities of consumers.”

With regaining revenue as the latest New Year’s resolution for the financial sector, banks will encourage customers to “bundle” their accounts, such as savings and checking, by waiving these same new fees. The idea is that if you’re depositing money into multiple accounts with one financial institution, you’re more likely to stay with that bank in a long-term relationship that can be lucrative for the institution, and costly for customers like you.

Why so costly? Well, according to the HuffPost report, opening more accounts with one bank, “makes it harder to unwind personal finances from that institution and monopolizes a customer's funds.”

Bank fees and charges on their own can monopolize your funds.

In fact, a Pew Charitable Trust report in 2011 examined fees and policies at 10 of the largest banks in the United States and found that the median bank account had been issued a staggering 49 separate types of fees, ranging from $1.50 to $175. Nevertheless, the profits weren’t rolling in for banks as was previously thought: while the Pew report estimated overdraft fees alone would cost Americans around $38 billion this year, financial experts at Bloomberg more recently found that number would fly in around $16 billion. Other less-known fees, such as returned check fees and stop payment fees, cost customers an average $12 and $29 each, respectively, meaning as banks struggle to find ways to wring more money out of you and other customers, they’ll likely make less costly fees more costly in the coming year, while making it easier to fall into the type of “high-dollar” fees that will leave you out of dozens of dollars per missed transaction.

If you are wondering how to reduce your banking debt—whether it be money market, debit, credit or otherwise—and get back on track, knowing a qualified bankruptcy attorney can also help you to conquer your creditors and face your financial fears, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure future beyond all of the new 2011 “fees.”  The bankruptcy professionals at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to +1-833-627-0115, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.

Debts Hurt! Got debt? Need help? Get started below!

Serving All of North Carolina

  • Bankruptcy Attorney Fayetteville NC
  • Bankruptcy Attorney Durham NC
  • Bankruptcy Attorneys Wilson NC
  • Bankruptcy Attorneys Greensboro NC
  • Bankruptcy Attorneys Southport NC
  • Bankruptcy Attorneys Wilmington NC

Bankruptcy Attorneys Raleigh NC (North)

6616 Six Forks Rd #203 Raleigh, NC 27615 North Carolina

Tel: (919) 847-9750

Bankruptcy Attorneys Raleigh NC (North)

Bankruptcy Attorney Fayetteville NC

2711 Breezewood Ave Fayetteville, NC 28303 North Carolina

Tel: (910) 323-2972

Bankruptcy Attorney Fayetteville NC

Bankruptcy Attorney Durham NC

1738 Hillandale Rd Suite D Durham, NC 27705 North Carolina

Tel: (919) 286-1695

Bankruptcy Attorney Durham NC

Bankruptcy Attorneys Wilson NC

2215 Nash St N Wilson, NC 27896 North Carolina

Tel: (252) 234-9194

Bankruptcy Attorneys Wilson NC

Bankruptcy Attorneys Greensboro NC

2100 W Cornwallis Dr. STE O Greensboro, NC 27408 North Carolina

Tel: (336) 542-5993

Bankruptcy Attorneys Greensboro NC

Bankruptcy Attorneys Southport NC

116 N Howe St. Suite A, Southport, NC 28461 North Carolina

Tel: (910) 218-8682

Bankruptcy Attorneys Southport NC

Bankruptcy Attorneys Wilmington NC

116 N. Howe Street, Suite A Southport, NC 28461 North Carolina

Tel: (910) 447-2987

Bankruptcy Attorneys Wilmington NC