The Bankers’ New Goat
HuffingtonPost.com
by David Balto
“In November 2008, the Wall Street Journal reported that banks are responding to the troubled economy by jacking up fees on their checking accounts to record amounts.” At the same time, other news outlets reported that the banks were charging record-high service fees and customer penalties to make up for losses from bad mortgage loans. Other banks said that they would raise fees due to industry consolidation and proposed increases in FDIC rates for deposit insurance.
“The truth, summed up nicely by an executive from TD Bank, was: “all banks have to be looking for ways to meet the requirement of shareholders.” That pressure means banks consistently leave no stone unturned in their drive for additional revenues.”
http://www.huffingtonpost.com/david-balto/the-bankers-new-goat_b_834615.html