Consumer Watch: Don’t Get Burned

Publication: Army Times

Author: Karen Jowers


10/06/2011 - More than half of all banks with exclusive agreements to operate on military bases charged above-average annual fees on deposit accounts in 2010, according to a Military Times analysis — some more than seven times the $60 national average.

The fees can include everything from minimum balance and ATM fees to charges for transferring money from one account to another — even from an account that’s meant to provide overdraft protection.

Consumer advocates warn that banks are likely to raise fees in the coming months to make up for lost revenue from new federal limitations.

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Some checking accounts have more 50 or more types of fees, according to the nonprofit Pew Charitable Trusts.

Overdraft fees — charged when a check, debit, ATM or other transaction overdraws an account — have become a big concern of consumer advocates, and it’s not just the one-time fees but also the number of times they’re charged.

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Read the full article, Consumer Watch: Don’t Get Burned, on the Army Times Web site.  

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