News

Rising bank fees hit consumers

October 4, 2005

USA Today: Last year, banks, thrifts and credit unions collected a record $37.8 billion in service charges on accounts, more than double what they got in 1994, according to the Federal Deposit Insurance Corp. and the National Credit Union Administration. These fees provide a more stable source of income to banks than products tied to fluctuating interest rates. Bounced-check and ATM fees are setting records.

But a recent poll of 1,003 consumers conducted by the American Bankers Association found 65 percent spend $3 or less in monthly fees for bank services such as account maintenance and ATM withdrawals.