Banks Raising Fees on Checking

Unbelievable.

Citibank announced this morning that it will charge customers a $7.50 bank fee for any month when the balance on their Access or EZ checking account falls below $1,500.

Of course, what is even more upsetting is that Citibank is hardly an outlier.  If anything, they are just the latest bank to follow a new trend.  NBC reports that 54 percent of banks have raised fees on their checking accounts in the last year.  Bank of America, for example, just raised the monthly fee on its checking accounts by $3. Bank of America’s no frills MyAccess checking is touted as a service fee-free account with no minimum balance.  If you make your way to the third page of disclosures, though, you will see that it has an $8.95 monthly maintenance fee if you don’t keep $1,500 in the account without direct deposit.  So, it is true – no service fee.  Perhaps the fact (more…)