Most consumers are not aware of it, but the CARD Act of 2009 and the new Regulation E (which seeks to reduce Overdraft fees) are sure to have a significant impact on the way they do banking. These two regulatory changes are designed to cut down on practices which are consumer-unfriendly, but which contributed significantly to the bottom line. Without these options, be expecting banks to go out of their way to create and assess new fees to make up the lost revenue. Be especially mindful of inactive accounts which you may have forgotten, which banks may now start charging "inactivity" fees against.
Sunday, January 03, 2010
Be alert, new banking fees are on the way
Posted by Nomad at 8:00 AM
Labels: bankers, banking, law of unintended consequences, regulation
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5 comments:
Thanks. This gives me more incentive to consolidate my accounts into one bank.
I think I am going to change my savings account to wonderful bank with absolutely no fees, I can make a deposit any time. No deposit slip to fill out, the location is very convenient. It was very popular in the depression era... my mattress.
I hear Mattress Bank doesn't give out many Debt Cards, though. Although, it sees a lot more action than most banks, these days.
Nice double meaning
We just got a notice from our credit card company that our APR will now move from 10% to 22%. Suffice to say we are in the midst of canceling that account.
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