The Dodd-Frank Wall Street Reform Act was signed into law back in 2010. The Act has helped consumers avoid being charged a hefty overdraft fee for making small dollar purchases if you “opt-out” at your bank. Unfortunately what it’s also done is caused banks to raise fees for other services, and create new ones to make up for a loss of fee income.
IT’s obvious that brick and mortar bank fees are not going away anytime soon. By knowing the cost of fees before choosing a bank can save you a lot of time and money down the road.
More banks are making it harder to maintain a checking account without having to meet a long list of requirements to avoid a monthly fee. But it’s not just monthly service fees that are trending upward.
Financial institutions are introducing other types of fees into consumer banking. One of those is the Incoming Wire Fee. It is a fee that’s applied to your account for simply receiving funds via wire from another institution. That’s right you can now get a fee for adding money to your account!
We looked at hundreds of banks in 3 major U.S. cities to see which one ranked best. Chicago had the lowest average percentage of FDIC Banks that charged their customers an incoming wire fee at 68.5%. San Francisco also known as the Golden Gate City had the highest average percentage of banks that apply incoming wire fees at 84%.
Also read Wire Transfer Fees Compared at Top Banks @ mybanktracker.com