Since 2008 certain changes in bank regulations have helped protect consumers from financial loss. For a lot of people bank fees are an annoying factor in their daily lives. Unfortunately brick-and-mortar bank fees are not going away anytime soon. That’s why it is important to know how banks apply certain fees before choosing to open a new account.
There are a number of different checking fees that consumers have to avoid, and the cost for those fees are on the rise. Unfortunately not all banks disclose their fees online for the public to see, which makes it even more difficult when looking for affordable banking.
“When they say it’s expensive to be poor, this is what they’re talking about,” “The system penalizes lack of funds by reducing those funds even further. When you’re poor, having a bank account can actually cost more than the convenience is worth.” -Cecily Luft (neuro-psychology grad student).
Read Darlena’s full post, How My Bank Uses Hidden Fees to Exploit Me