No more debit card fees. What will the banks try next? |
CNN - Nov 2, 2011 |
Just because debit-card fees are out of the picture for now, don't stop checking your bank statements.
Even though big banks like Bank of America (BAC, Fortune 500), Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) canceled their plans to make billions of dollars by charging customers monthly fees for using their debit cards, there are plenty of other ways they can rake in extra revenue.
"The banks underestimated just how angry people would get when you charge them to access their own money," said John Ulzheimer, credit specialist and president of consumer education at SmartCredit.com. "They're all pulling back, but concurrently figuring out where to stick equivalent fees somewhere else so that they won't make us quite as angry."
So while the banks may keep their hands off your debit cards (for the time being at least), they will try to make money by hiking existing fees and credit card interest rates and by lowering rates on deposit accounts, he said.
Read Full Article from CNN
- Posted: 2011-11-02 13:26:32
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