Inside Financial Services

WHEN YOU’RE LOOKING TO MAKE UP $6 BIL YOU HAVE TO START SOMEWHERE

Banks are of course leaving no stone unturned in their quest for fee revenue to replace the shortfall caused by the Durbin Amendment. I can't say as I blame them. But I do enjoy reading about the new fees and fee increases that various banks have

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Banks are of course leaving no stone unturned in their quest for fee revenue to replace the shortfall caused by the Durbin Amendment. I can’t say as I blame them. But I do enjoy reading about the new fees and fee increases that various banks have come up with. From the South Florida Sun-Sentinel.

TD Bank, for example, in December raised the fee for an incoming wire transfer to $15 from $10; for a bank-issued check to $8 from $4 and for a stop-payment to $30 from $25. In January, it added a $2 a month fee for customers who want a picture of their check in their statement. And in February, people who are not TD customers will be charged $5 to cash a paycheck at a branch.

Thorough! My personal favorite so far, however: PNC will charge a $25 “early closures fee” to customers who shut an account within 180 days of opening it. And they say innovation in the banking industry is dead. . . .

One Response to “WHEN YOU’RE LOOKING TO MAKE UP $6 BIL YOU HAVE TO START SOMEWHERE”

  1. Scrooge McDuck

    Early closing fee my ass. Withdraw all but a dime and tell PNC to go pound sand.

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