Brace yourself: here come the fees.
Last week, we talked about how the country’s banking environment is evolving in light of recent regulatory changes and their negative revenue impact on banks. Recent federal regulations have capped overdraft fees, certain levies on credit cards, and even what banks are allowed to charge merchants when customers use their debit cards.
Now, banks are making a move to recap some of that lost revenue.
Check out these recent headlines about how banks like Wells Fargo, SunTrust and Regions Bank are beginning to charge monthly fees for debit card use for customers in some states. Will community banks follow suit?….
Atlanta Journal-Constitution – Debit card fees could signal trend:
http://www.ajc.com/business/debit-card-fees-could-1122638.html
CNNMoney – Wells Fargo to test $3 a month debit card fee:
http://money.cnn.com/2011/08/16/pf/debit_card_fee/index.htm
Wells Fargo: No more debit card rewards:
http://money.cnn.com/2011/08/22/pf/wells_fargo_debit_rewards/
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Neal Reynolds has worked with hundreds of banks and credit unions around the country helping them to grow core deposits and market share without growing their marketing budgets. Contact him at [email protected].
