Banks raising fees to make up for lost revenue
Facts Banking changes Sample of account changes following recent credit and debit card reforms:
Wells Fargo pilot test of $3 monthly fee for debit card users starts Oct. 14 in Georgia, New Mexico, Nevada, Oregon and Washington.
JPMorgan Chase $3 debit card fee test under way in Wisconsin.
Campus USA Credit Union will charge $3 per month for paper checking account statements starting Aug. 30.
Wells Fargo , SunTrust , Chase and USAA eliminated debit rewards programs.
Alarion Bank is getting ready to start a reward points program.
Bank of America has added a $3 fee to print an account summary at an ATM and $12 a month for checking accounts with balances that fall below $1,500.
Wells Fargo announced last week that it will test a $3 monthly fee for debit card users starting Oct. 14 in Georgia, New Mexico, Nevada, Washington and Oregon, following a similar test under way by JPMorgan Chase in Wisconsin.
The tests follow a cap the Federal Reserve placed on interchange fees that banks charge retailers every time a customer swipes a debit card. The rule is the result of the Durbin amendment to the Dodd-Frank financial reform act passed in July 2010.
Starting Oct. 1, bank charges are limited to about 24 cents per transaction, down from 44 cents.
In advance of the cap, banks including Wells Fargo, SunTrust, Chase and USAA eliminated debit rewards programs.
Alarion Bank is getting ready to roll out a reward points program.
While the bank has had higher expenses for compliance, reforms include some breaks for such smaller community banks that also don't rely as heavily on credit and debit revenues as big banks do.
"Interchange fees weren't a big part of our income base, so we're maybe not having to do the scrambling that they are," said Bob Page, Alarion's Alachua County president.
Wells Fargo also eliminated ATM fee waivers that some Wachovia customers had received on certain accounts as part of the merger.
National City Bank Merger - News
Wells Fargo also eliminated ATM fee waivers that some Wachovia customers had received on certain accounts as part of the merger. Capital City Bank, which is regional, has seen noninterest income decline partly as a result of the debit swipe cap,
Only two great banks of the nation, the National City and the Chase, had larger commercial deposits. Not one of them had a comparable pile of savings funds. Indeed Bank of America's total savings accounts are larger than the deposits of the four
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In merger news this morning, a merger deal between Alpha Bank and Eurobank has sent a signal of confidence in the Greek economy. Greek bank shares including National Bank of Greece were rising. The FTSE in London was shedding 0.02% and the DAX in
In the words of Citigroup (formerly National City) when FDIC was first proposed: The element of character in the choice of bank is eliminated, and the competitive appeal is shifted to other and lower standards, such as liberality in making loans.
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