Bank Fees Hit Consumers Where It Hurts

Early in 2011, a number of major banks began charging some new fees to their checking and savings customers. 

The new CARD Act, which did away with overdraft fees, has removed billions from banks bottom lines. The banks appear to be looking for ways to make up that lost revenue.

Among the consumers who have suddenly noticed the changes is Sherry, of Burleson, Tex. She noticed Chase had charged $12 fees to both her checking and savings accounts.

'$24 coming out of my pocket'

"I kept my cool but was somewhat disgruntled at the idea of $24.00 coming out of my pocket and not knowing why," Sherry told ConsumerAffairs.com. I went to the bank the next day, having already made up my mind to close my savings account so I wouldn't have two charges coming out for whatever reason."

Sherry said bank personnel explained the new fees this way: if you exceed a set number of online transfers from checking to savings in a given month, it's a $12 fee. If you don't maintain a balance of at least $1,500 in your savings account, it's a $12 per month fee. If you don't have a $500 or more direct deposit go to your checking account once a month, it's a $12 fee.

Part-time employee

That last fee is a problem for Sherry because she works part-time. Her direct deposit checks usually don't total $500, she says. She says she feels she is being punished because of what she earns and would like options.

One option might be a credit union, though those institutions aren't without their problems. Many smaller, community banks may also offer more competitive services for bank accounts. Sherry should also read How To Fight The New Bank Maintenance Fees.