Columnist slams bank fees
March 21, 2008 | alternatives, industry | Comments (0)Liz Pulliam Weston at MSN Money pulls no punches. According to the column:
Late payments and exceeding your credit limit have almost tripled in the past decade. Bounced-check fees now average close to $30 — with some banks charging as much as $45 for an NSF (nonsufficient funds) draft.
|
Late fee |
Overlimit fee |
|
|
1994 |
12.55 |
12.75 |
|
1995 |
13.25 |
13.2 |
|
1996 |
14.21 |
13.94 |
|
1997 |
19.24 |
18.44 |
|
1998 |
22.1 |
21.14 |
|
1999 |
25.61 |
24.96 |
|
2000 |
27.1 |
25.99 |
|
2001 |
28.29 |
26.88 |
|
2002 |
30.04 |
27.89 |
|
2003 |
31.44 |
29.23 |
|
2004 |
32.61 |
30.35 |
|
2005 |
34.42 |
31.22 |
Handy chart for comparing fees
March 13, 2008 | alternatives, industry | Comments (0)
|
CREDIT ALTERNATIVE |
$100 PAYDAY ADVANCE |
$100 OVERDRAFT PROTECTION |
CREDIT CARD LATE FEE ON $100 BILL |
$100 OFF-SHORE INTERNET PAYDAY ADVANCE |
$100 BOUNCED CHECK + NSF/MERCHANT |
|
Fee* |
$15.00 |
$29.00 |
$37.00 |
$25.00 |
$54.87 |
|
APR |
391% |
755% |
965% |
652% |
1431% |
