The financial world's fee fever may have abated -- for now. Several big and medium-sized banks say they're not implementing fees for debit card use anytime soon. But with bank revenues slipping, they do need to act, and more are considering cost cuts to repair their bottom lines.
Columnist Laura Rowley cuts through the hype and explains how she found banks that would pay her for her checking account instead of the other way around.
More than 64,000 of Americans have signed up to participate in "Bank Transfer Day" on November 5. Most will likely fail in their mission to switch to a new bank, according to a report released Wednesday.
New and higher debit card fees may not be enough to satiate the big banks. Financial institutions looking for revenue are now eyeing another source: Selling your debit-card transaction data to marketers. So which is worth more to you: The deals such targeted advertising will bring, or your privacy?
Credit unions, mid-size banks and online institutions are eagerly stepping up to capture banking customers who are fed up with increasing fees at the biggest banks. And so far, it seems, those big banks don't mind losing their business.
Millions of Americans are disgusted with the big bank status quo, and many are closing out their accounts and moving their money to smaller institutions. It's a good time to do it: Credit unions are waiting with open arms, a customer-centric philosophy -- and incentives.
Many of us have our bank accounts running almost on autopilot: Paychecks go in and bills get paid automatically, and any details we need to deal with are handled easily online. But these conveniences come at a price -- they make it too much trouble to leave a bank, even when its fees get outrageous.
While thousands of Americans unleash their anger at big banks in protests around the country, many more are registering their dissatisfaction from their keyboards. In the wake of last week's news that Bank of America is adding a new $5 fee for debit card use, online-only banks saw waves of new customers coming through their virtual doors.
Big Wall Street banks haven't been winning many fans lately with their new fees and constant search for loopholes in the Obama administration's consumer protection laws. Bank of America's new fees on debit cards could be the last straw for some. The alternative many Americans are turning to -- credit unions.
Consumers' wallets are really getting the squeeze these days as banks continue to raise ATM and bounced check fees. Meanwhile, the percentage of free checking accounts is on a steady decline, according to a new Bankrate survey.
Picking a bank is a lot like selecting a new paint color for your kitchen. You're going to see a lot of it, and while you can always change your mind if you don't like the one you've chosen, it's a hassle. We asked the experts for advice on how to choose the one best suited to your needs.
Last year, the government changed the rules on debit card overdrafts, requiring banks to get customers' permission before allowing transactions that would lead to penalty fees. But despite the new rules, overdraft fees continue to be an expensive pain in the neck for millions of Americans.
