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Banks Fees On The Rise and Kept Secret
March 4, 2008Love Your Health Money Family & Relationship
It has been reported that many bank fees that we aren’t aware of are on the rise. These fees are kept secret by bank, credit card companies and other financial institutions to to make money out of consumers pocket.
According to the report, the overdraft protection fees has increased by 11% since year 2000. The percentage of income at banks and thrifts come from “noninterest sources,” which include fees has increase to 27 percent in 2006 from 24 percent in 2000.
The GAO team made undercover investigation to many banks all over the country and were not able to get comprehensive lists of checking and savings account fees at more than a one-fifth of the locations. Federal laws and regulations require uniform disclosure of fees and interest rates. But These fees information were not available on the websites of half of the institutions.
Topics: Money |