Why is there such uproar about fees charged by payday loan lenders, but very little attention at all to the banks, who sneakily charge all kinds of fees?
At a time when more consumers are struggling to pay their bills, large banks are raising some account fees to record levels.
Quoted With Edits From: Rising bank fees are setting records (USA Today)
Record Fees are Being Charged for ATM’s, Bounced Checks and Monthly Service
Bank fees have been climbing steadily over the last 10 years, and now, since banks are “having a tough time” after their loan losses, they are charging all-time highs for bounced-check fees, ATM fees, monthly service fees and even now have balance requirements for interest checking accounts. Some banks even charge one fee for the first bounced check and significantly higher fees for additional bounced checks. Have you seen payday loan fees rising? Not so much!
Not another bounced check charge!
Banks say we Should Pay Attention but Hope we Don’t!
The banks’ defense in all of this is first, if we pay attention to what we are doing, we shouldn’t have to incur any fees and second, the percentage of banks that offer accounts with no monthly fees has increased.
Aren’t our personal finances hard enough to deal with, without having to worry that a momentary “lack of attention” might cost us in exorbitant bank fees? I’d rather get a payday loan than worry about the bank’s sneakiness.
Where is my Friendly-Neighborhood Bank?
What happened to customer service? Remember the day when you could go into your bank, admit your mistake and they would waive fees for you? Those days seem to be long past. Now, it’s all about the bank. I’m just glad that if things get out of control for me, I know where to turn, and it won’t be a bank. It will be my friendly payday loan company, who has no hidden fees.
Discussion of Rising Bank Fees – I’ll take a Payday Loan!