Everyone’s still talking about it: bank fees. Just this week, Pittsburgh-based PNC Bank settled a $90 million class-action lawsuit over excessive overdraft fees, joining a growing list of big banks that have already recently done the same thing including JP Morgan Chase, Bank of America and TD Bank. The basic tenant of the lawsuits is that these banks improperly … [Read more...]
Community Banks and Credit Unions Catch a Break with Bank Fees
It’s been all over the news for weeks and people everywhere are getting fired-up about it. Even President Obama recently aired his complaints to ABC News, saying it was unfair to customers. We’re talking about bank fees. So what’s up with these bank fees and why are banks charging them to customers? It’s simple economics, really. Banks profit by loaning consumers and … [Read more...]
Wells Fargo, SunTrust and Regions Bank Introduce New Fees
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 … [Read more...]