The federal government stepped in to protect consumers from the fees being charged by big banks. The changes implemented appear to have made life easier and more affordable, but that is only a superficial view. Big banks are finding ways to fight back against the many government regulations.
Consumers should understand the regulations and what the banks are doing in response to better manage their own accounts. Big banks are in business to make money and they are learning that fighting government regulations may be one of the only ways to keep their own balances in the black.
Here is some advice on what to look for to help you fight back against higher banking fees.
Gone are the days of free checking accounts. Many of the big banks are fighting government regulations by doing away with benefits that have been offered to customers in the past. Free checking accounts first starting showing up on the scene only a few years back and in the beginning there were limits to the way the accounts could be used. Banks are turning back the clock to a time when customers paid to store money in their system.
Paper images will cost the customer. Some banks have provided customers with copies of statements and images of canceled checks at no cost. In another effort to offset the expense of the government regulations, many banking institutions are now looking to charge customers a minimal fee for such services.
ATM services at other banks may have been the only cost for customers in the past. Today, many banks are considering charging their own customers for use of the ATM machines. Costs for printed statements from the ATM will be one of the first places that consumers see the new expenses show up.
More money will be required to keep accounts from being charged. Some banks have always required a minimum amount of money be left in an account to avoid fees. Now, that amount needed will be a higher amount than in the past. This gives the banks more capital to work with as they try and recover from the costs that the new government regulations are putting on their systems.
Big banks are being hit hard by government regulations that are designed to protect and help the consumer. The cost of implementing the regulations is requiring the big banks to fight back in other ways to maintain their profit levels. Consumers need to understand the regulations and the methods the banks are using to avoid being caught in the crossfire.
Tags: Banking Advice, Checking, checking accounts, checking fees
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on Monday, January 3rd, 2011 at 8:20 am and is filed under Checking.
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The federal government stepped in to protect consumers from the fees being charged by big banks. The changes implemented appear to have made life easier and more affordable, but that is only a superficial view. Big banks are finding ways to fight back against the many government regulations.
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