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MONDAY, NOVEMBER 23, 2009
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3

Troubled Banks Have a New Benefactor: You

Industry hikes fees on checking accounts, overdraft transactions

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(Newser) – Your children aren’t the only ones who think you’re an ATM: Your bank does, too. Facing declining revenues and smacked with tough, new credit card legislation from Congress, banks are hiking overdraft, ATM, and checking account fees, the Washington Post reports. The average bounced check fee rose 2.5% from 2007 to nearly $30, while the average ATM surcharge climbed 10% to $2.

With overdraft revenues poised to earn banks $38.5 billion, Washington is threatening tougher rules. But, notes one analyst, "the most consistent increases have been seen on bounced check charges and ATM fees, and those are the two categories of fees that are easiest to avoid." He urges consumers to be proactive: “You can take a break from Facebook for 5 minutes and check your available account balance.”

Banks are hiking fees on consumers who maintain a checking account, overdraft their account, or use non-affiliated ATMs.
Banks are hiking fees on consumers who maintain a checking account, overdraft their account, or use non-affiliated ATMs.   (Shutter Stock)
Banks are hiking fees on consumers who maintain a checking account, overdraft their account, or use non-affiliated ATMs.
Banks are hiking fees on consumers who maintain a checking account, overdraft their account, or use non-affiliated ATMs.   (Shutter Stock)
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The bottom line here is: It's not having to cough up three or four bucks every once in a while that's the problem. It's doing it routinely week in and week out. That's the type of financial habit that will put you in the poorhouse.
- Greg McBride, on using affiliated ATMs

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3 comments
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Reader64481089
Jun 28, 09 12:01 PM CDT
UNLIKE the Federal Gov. when my check book say's it is low then I simply do one thing, I put the damn thing away until I am paid again, simple as that. It is a trend many people are just now attempting to learn, it is called LIVING WITHIN YOUR MEANS. Reply
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IN RESPONSE:
Sabrina
Jun 28, 09 12:02 PM CDT
Yea, my dad had a saying and it works with money also, "Don't write checks your a$$ can't cash"...simple rules are the best and they apply to much if you try them.
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2-bits
Jun 28, 09 2:31 PM CDT
I have to say, you are pretty irresponsible if you get one of those fees. Unless your account has somehow been emptied, you should know when your balance has dropped low enough that you might bounce a check. Reply
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