Since the Credit Card Act of 2009, banks have been looking for ways to make up for lost revenue. Has your bank increased fees or even added new fees? Look for changes in…
- overdraft fees
- inactivity fees
- annual fees
- ATM fees
This past month, a major bank decided against adding a debit card fee. I believe that negative consumer response was the only reason they changed their plan. Their customers did not want to pay to use a debit card and they made their voices heard.
But what if the protests hadn’t worked? Being a consumer means you have a choice. You don’t have to stay with the same bank. You can choose a bank, or even a credit union, that has no fees or minimal fees.
It’s very simple to move your money. If you are unhappy with your bank, do some research and change banks. There are plenty of banks and credit unions that will give you a free checking account with no ATM fees.
Some banks have investment policies or divisions that made them more vulnerable during the crisis. These banks are going to have to make up lost revenue. Even though that particular bank did not go forward with the new debit card fee, they may find a less controversial way to increase their fees.
You need to be aware that fee increases could be coming your way. Look at your monthly statements and the inserts. Be aware of what is going on at your bank so you can be proactive.