Bank Fees

Posted By: Dr. Frugal in Saving on 09/29/2007 at 07:09:50

The fees banks charge for their services can contribute a significant amount to their bottom line. Subsequent sections in this part on banking discuss fees for a variety of services that banks provide. Fees are particularly attractive to banks because they aren't rate sensitive--most do not fluctuate with the prevailing interest rates.

Banks collect fees on a variety of products and services. The fees often act as additional return on a product that does not work well in traditional pricing. Checking accounts are a good example. Banks charge a fee for a plethora of basic account functions: too low of a balance, too much activity, overdrawn accounts, wrong type of activity, copies of checks, overuse of a live teller...I could go on. Fees can be particularly annoying, especially when you thought you had a "free" checking account.

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