Photo: Daniel Goodman / Business Insider
After public outcry, banks decided not to openly charge customers fees for using their debit cards.So they’re either quietly raising fees or adding new fees to customer’s accounts, the New York Times reports.
Banks still need to make up $12 billion of income lost to regulation getting rid of overdraft fees and lowering the cost of debit card swipe fees. To do that, they need to raise $15-$20 more per depositor.
Here’s a run down of what you should expect:
- Bank of America is charging $5 to replace a lost debit card, and $20 if you want rushed delivery.
- U.S. Bank Corp. is charging $0.50 for checks deposited via mobile phone.
- Incoming domestic wire transfers will cost #15 at TD Bank starting in December.
- Bank of America raised the fee to use a MyAccess checking account by more than $3 a month earlier this year.
- Citigroup upped the monthly fee to use its basic account from $8 to $10 a month.
- Chase raised the fee to monthly use its basic checking account to $12.
It costs banks $200-$300 to maintain one checking account. And because of regulation and the fact that Americans have less money in general, they’re collecting about half the money they used to from account holders.
Not only that, but they’re paying good savers less money for their good habits (via NYT).
The average interest rate for deposits has fallen to 0.74 per cent from 0.8 per cent during the first six months of this year, according to Market Rates Insight. Most consumers barely notice, but it translates into real money — about $1.5 billion a month in savings industrywide.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.