What about the unintended consequences?
May 18, 2010 | alternatives, federal legislation, industry | Comments (1)Here’s a story about the new overdraft and credit card laws taking effect:
Consumers will save billions in fees under new credit card and overdraft restrictions going into effect this year, potentially propelling spending and fueling the economic recovery.
The nation’s largest banks and credit card companies will forgo at least $5 billion in fees this year, according to an analysis released by USA Today.
But won’t other fees be raised to make up for lost revenues?
Comments»
I have heard of one scenario, of a bank which now is charging fees to cash their own checks! According to the customer comment, he had been cashing the same check every week for some time now and was confused as to “why” the bank would now charge a fee to cash their own check. When asked, all bank representatives dodged giving a straight answer as to “why” (in my opinion, this “evasive technique” is about the only skill big bank employees are trained in anymore).
As I read this somewhere in the last week as a reader comment, I cannot remember what bank it was, but I wouldn’t expect that to be the last example of “new” charges being applied.