By Jim Sloan
Banks used to make a lot of money off your mistakes--your overdrafts, your late fees and the penalties you paid for skipping a monthly credit card payment. But since Congress decided that many of those revenue-raising practices had to stop, the banks are back at your doorstep with a whole slew of new fees.
While the new charges might be less underhanded than the ones banned by Congress, they are just as annoying to consumers, and have sent many running from their brick-and-mortar banks to online savings banks.
But those of you staying with a traditional bank may find that the new fees being proposed require that you be more vigilant than ever to keep the banks from siphoning off your savings to help their bottom line.
Why banks need money
Banks have been stung in recent years by federal reforms that limit how they collect fees for overdrafts and credit cards...Read the full article »