Changing Checking Fees Could Cost You
(Network Journal) — Don’t get too attached to the terms on your checking account. In the past year, banks have hiked monthly fees, imposed tougher minimum balance requirements and even taken away rewards programs. The positive spin from banks is usually that the changes are part of a revamping intended to give customers more personalized options. But it’s not a coincidence that they come at a time when the industry is facing a dramatic drop in revenue. As part of the sweeping financial overhaul last year, Congress directed the Federal Reserve to set a cap on the fees banks can collect from merchants whenever customers swipe their debit cards. Banks say the Fed’s current proposal could slash the $16 billion they collect each year from stores by up to 90 percent.