Washington Post Reports Bank Fees on the Rise
The Washington Post reported in a June 26 article “The Bite of Bank Fees” that “customers are paying more to maintain a checking account and withdraw cash from an out-of-system ATM, and when they bounce a check. To make up for declining revenue, many banks are boosting fees and are requiring higher minimum balances for many accounts.”
Experts interviewed in the article advise consumers should:
- read their account contracts to understand specifics of their bank’s programs and fees — and ask questions.
- monitor their available balance to avoid overdraft charges for overdrawn accounts.
- shop around for banks or credit unions that do not charge checking account maintenance fees.
- discipline themselves, to use their own banks’ ATMs to avoid ATM fees, even if that means walking an extra block.
For the complete article in the Washington Post, click here
