11/03/2011 - TD Bank is hiking a variety of service fees on its checking accounts.
The bank said Thursday the higher fees on wire transfers, certified checks, money orders and stop-payment fees will take effect next month. TD Bank will also start charging $9 after the sixth withdrawal from select savings accounts.
Although consumers tend to focus on monthly service fees, the changes at TD Bank highlight the numerous ancillary charges customers can incur with checking accounts. A study by The Pew Charitable Trusts this year found that checking accounts can come with dozens of different fees, many of which can be difficult for consumers to find on bank websites. To make it easier for consumers to compare such fees, the group has called on federal regulators to require banks to provide standardized fee disclosures on their websites.
“It’s very hard to find all those fees in in one place,” said Susan Weinstock, director of the Safe Checking Project at Pew. “Right now, you find out about them in two ways. Either when you go to the bank and ask about them, or you find out after the fact when you incur it.”
On Thursday, Sen. Richard Durbin of Illinois planned to join Pew in calling on the Consumer Financial Protection Bureau to require banks to provide disclosures.
Read the full Associated Press article, TD Bank Hikes Fees on its Checking Account Services Including Wire Transfers, Money Orders, on the Washington Post's Web site.