Banks, Bank Fees | featured news

Bank customers may complain about hefty overdraft fees, but they’re using the service more and paying the price. A new report from Moebs Services, a respected economic research firm, shows overdraft revenue at banks, credit unions and thrift institutions totaled $32 billion last year. That’s an increase of $400 million or 1.3 percent from 2011.

Bank of America has shelved plans for new fees that could have hit at least 10 million customers by the end of this year, skirting a potential replay of a 2011 uproar over consumer-banking charges.

It costs a lot more to get free checking as banks significantly have boosted the average required minimum balance this year to $723, according to data released Monday by Bankrate.com.

A potent mix of dense disclosures, clever accounting and naive customers made for a big bank payday, despite pushes for reform.

The China Banking Regulatory Commission has begun an investigation into bank fees and warned that banks found to be charging high fees for routine services will be punished. It didn't say how it defines high fees.

It's moving day for bank customers. A grassroots movement that sprang to life last month is urging bank customers to close their accounts in favor of credit unions by Saturday.

Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee. The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.

Bank of America is reconsidering its plan to charge $5 monthly debit card fees after public outrage has caused several other large banks to drop their own plans to charge similar fees.

Sometimes, the big banks can hear their customers. J.P. Morgan Chase & Co. has decided that it won't charge customers who use their debit cards to make purchases.

President Barack Obama launched a broad onslaught against banks on Thursday, tapping into public anger over rising fees to garner populist support ahead of his 2012 re-election campaign.