I don’t supposed any of us should be surprised by this, but a recent article in the Wall Street Journal (“At Banks, New Fees Replacing Old Levies”) reports that in the wake of regulations forcing Banks to stop wringing excess money out of their customers, they are looking for ways around those regulations:
As regulation curtailing financial institutions from levying certain charges on consumers has mounted over the past year, banks have had to dream up new fees to replace those now trimmed by laws. Credit-card users have experienced new inactivity fees and foreign-exchange charges, while checking accounts have gotten hit with new monthly maintenance fees.
Banks are considering additional fees on credit cards and checking accounts. But they also are looking at new ways to make money on cash machines and especially debit cards as regulators pinch the cards’ conventional revenue stream.
While there are no doubt a lot of local bank managers and bankers who are not completely predatory, it should be clear by now that the banking institutions are not your friends. They want to take your money by any means necessary.
I’ve discovered, however, that sometimes if you are willing to get picky with banks, sometimes they have the option to waive some of these fees or they know some tricks for getting around those fees. Remember that customers (especially rich ones) can still go to another bank if they think they’re being slowly bled dry. I’ve had some success by going to the bank and talking personally with a banker. Be nice, but firm. Don’t be afraid to imply that you’re willing to go elsewhere. Try to remember that you’re dealing with a human being who happens to work for the corporate equivalent of a velociraptor with rabies.
