January 5, 2012
New bank fees in 2012
As they struggle to regain the robust profits they enjoyed a few years ago, many banks will be looking for ways to tack on extra fees in 2012.
According to Consumer Reports, bank customers should watch out for several different fees the banks are likely to introduce in the next 12 months.
The magazine warned that the banks will look to increase fees via the following:
Higher overdraft fees: Consumer Reports notes that it costs the bank pennies for a normal transaction but the cost rises to $13 when you overdraft. Naturally, you should avoid overdrafts in general but this should give you extra incentive not to spend more than what you have in your account.
Pushing credit cards: You already receive countless offers for new credit cards through your bank. Well, now that debit card transaction fees have been capped, the banks will try to induce customers to use their credit cards instead. Expect to see a lot more offers with points or cash back incentives coming soon to a mailbox near you.
Human transaction fee: Like gas stations, the banks want to move more and more toward customers serving themselves. After all, it’s cheaper than hiring employees. If you do need help from an actual human, the banks may begin charging for that service. Consumer Reports says that the banks will likely present this as a ‘perk’ rather than couching it as regular customer service.
More premium services: In addition to talking to human tellers, other premium services will likely have an increase in fees as well. Consumer Reports cites such services as safe-deposit boxes, online budgeting tools, or person-to-person payments, such as Chase’s QuickPay service, which allows you to send money to someone else using just an e-mail address or cell phone number.
For the full list of expected fees, check out Consumer Reports’ website or consider becoming a subscriber.