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Banks Exploring New Fees To Offset Lower Revenues

Monday, August 29, 2011 - 4:49 PM
Watch out for new bank fees! According to this New York Times article, revenues are dropping and banks are looking for new ways to offset the declines:
Even as they cut payrolls, banks are exploring ways to generate revenue that could translate to higher costs for consumers. Among the possibilities are new fees for automatic deductions from checking accounts that pay utility and cable bills, according to people involved in the discussions.

3
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Thursday, September 1, 2011 - 1:56 PM
 

A bank that decides to charge me for their use of my money will not keep my business.

Any bank that is unable to generate their required income without resorting to fees, even in the worst times, is incompetent or unethically greedy.

For example, Regions Bank, who will now charge $18 monthly for your "privilege" to use their checking account, makes over $8 Billion a year in profit (that's AFTER taxes & expenses are paid).  (Ref: http://www.depositaccounts.com/banks/regions-bank.html)

That's more profit than many states collect in taxation.

 

 
1
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
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