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Topic: Your Bank is making $1 million a year in hidden fees!

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Steve Myers
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Last week, the Wall Street Journal showed us that banks at Wal-Mart are some of America’s top fee collectors. They looked at fee income as a percentage of deposits and found some staggering results.

Fort Sill National Bank, the worst of the Wal-Mart banks, generated $20 of fee income for every $100 of deposits last year. And most of those fees come from overdrafts. The story described a woman who needed to borrow $300 for 12 days. At Fort Sill National Bank, that would cost her $19.50.

The data introduced us to banks whose sole purpose is charging overdraft fees on people with little money. The Journal says that “banks inside its outlets are among America’s highest payers of bank fees - a large chunk of which come from overdraft charges.”

But, are customers at Fort Sill National Bank really paying more in fees than customers of Bank of America, or other mainstream banks? These banks may not be in the Wal-Mart store, but they can often be found in the same shopping center.

We went to the same FDIC dataset used in the WSJ article. We looked at how much an average branch charged its customers for checking and savings accounts. The fees included monthly account fees, ATM fees, overdraft and NSF fees.

Fort Sill is still high on the list (#16 in the country). It generated $632,630 in deposit account fees per branch last year.

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http://magnifymoney.com/blog/eliminating-fees/your-neighborhood-branch-is-making-1-million-a-year-in-hidden-fees?utm_source=taboola&utm_medium=fark&utm_term=how+bad+is+your+bank%3f+see+the+20+charging+obscene+fees&utm_campaign=taboola%20-%201

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Steve Myers
Post Sun Oct 12, 2014 12:17 pm 
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lemmaflick
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https://www.ft.com/content/61539844-21bf-11e6-9d4d-c11776a5124d[url]

https://www.quora.com/What-are-the-hidden-charges-in-bank-online-transaction-or-other-transactions-ECS-debit-and-net-banking-that-most-of-the-people-dont-know[/url]
Post Tue Feb 28, 2017 8:26 pm 
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