From the ArcaMax Publishing, Business News Newsletter:
http://www.arcamax.com/news/businessnews/s-575092-581003
NEW YORK (UPI) -- U.S. banks are increasing fees for a variety of
transactions in spite of massive taxpayer bailouts, industry research
groups said.
In June, Bank of America increased its monthly checking account fee
from $5.95 to $8.95. Citigroup and PNC Financial now charge 3 percent
for using a debit card overseas, the Charlotte, N.C., Observer
reported Friday.
Researchers at Moebs Services said fees at large banks average 20
percent higher than fees at small banks. Another research group,
Bankrate.com, said bank fees for automatic teller machine withdrawals
rose from $1.78 per transaction in 2007 to $1.97 in 2008.
Stop-payment fees now average $30, twice what it cost 10 years ago,
Moebs said.
Scott Talbott at the bank lobby group Financial Services Roundtable
said the increased fees were the result of the economic downturn,
which had increased risks for banks. "There is an increased riskiness
around repayment," he said.
But Moebs chief economist Michael Moebs said: "We've never seen a
price increase during a recession. What the bankers are saying is that
'I want to maintain my revenue.'"